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Ethereum price started a fresh decline below the $4,500 zone. ETH is now attempting a recovery and might face hurdles near the $4,400 zone.
- Ethereum is still struggling to recover above the $4,500 zone.
- The price is trading below $4,450 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $4,380 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a close above the $4,420 level in the near term.
Ethereum Price Eyes Upside Break
Ethereum price started a recovery wave after it tested the $4,220 zone, like Bitcoin. ETH price was able to climb above the $4,250 and $4,300 resistance levels.
The recent low was formed at $4,258 and the price is now consolidating losses. It is trading near the 50% Fib retracement level of the recent decline from the $4,416 swing high to the $4,258 low. A base seems to be forming above the $4,250 level, but the bears might remain active near the $4,400 resistance zone.
Ethereum price is now trading below $4,400 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance at $4,380 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $4,355 level or the 61.8% Fib retracement level of the recent decline from the $4,416 swing high to the $4,258 low. The next key resistance is near the $4,380 level and the trend line. The first major resistance is near the $4,415 level.
A clear move above the $4,415 resistance might send the price toward the $4,480 resistance. An upside break above the $4,480 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,550 resistance zone or even $4,580 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $4,415 resistance, it could continue to move down. Initial support on the downside is near the $4,250 level. The first major support sits near the $4,220 zone.
A clear move below the $4,220 support might push the price toward the $4,165 support. Any more losses might send the price toward the $4,120 support level in the near term. The next key support sits at $4,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 zone.
Major Support Level – $4,250
Major Resistance Level – $4,415
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Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
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