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Ethereum price started a recovery wave from the $4,050 zone. ETH is now back above $4,220 but it faces many hurdles near $4,400.
- Ethereum started a recovery wave above the $4,150 and $4,220 levels.
- The price is trading below $4,350 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $4,355 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it settles below the $4,220 zone in the near term.
Ethereum Price Faces Resistance
Ethereum price extended losses after there was a close below the $4,250 level, like Bitcoin. ETH price gained bearish momentum and traded below the $4,150 support zone.
The bears were able to push the price below the $4,120 support zone. Finally, the price tested the $4,065 zone. A low was formed at $4,065 and the price recently started a recovery wave above the 23.6% Fib retracement level of the recent decline from the $4,580 swing high to the $4,065 low.
However, the bears are active near the $4,350 zone and the 61.8% Fib retracement level of the recent decline from the $4,580 swing high to the $4,065 low. There is also a bearish trend line forming with resistance at $4,355 on the hourly chart of ETH/USD.
Ethereum price is now trading below $4,355 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,350 level. The next key resistance is near the $4,380 level.
The first major resistance is near the $4,460 level. A clear move above the $4,460 resistance might send the price toward the $4,500 resistance. An upside break above the $4,500 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 $4,565 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $4,380 resistance, it could continue to move down. Initial support on the downside is near the $4,240 level. The first major support sits near the $4,200 zone.
A clear move below the $4,200 support might push the price toward the $4,120 support. Any more losses might send the price toward the $4,050 support level in the near term. The next key support sits at $4,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $4,220
Major Resistance Level – $4,380
