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
