Ethereum Price has launched a recovery wave beyond the $4,150 zone. ETH is currently back at over $4,250, but faces many hurdles close to $4,300.
Ethereum has launched recovery waves above the $4,200 and $4,250 levels. The price is a simple moving average of less than $4,320 and a 100-hour trade. ETH/USD’s hourly chart (data feed via Kraken) has a bearish trendline with resistance formed at $4,300. The pair could continue to fall in the near future if they were below the $4,180 zone.
Ethereum prices face hurdles
Ethereum’s prices extended their losses after falling below the $4,200 level, like Bitcoin. ETH prices gained bearish momentum, falling below the $4,110 support zone.
The Bears managed to get their price below the $4,080 support zone. Finally, we tested the $4,065 zone priced. The low value was founded at $4,065, and the price recently began a recovery wave above the 23.6% FIB retracement level of its recent decline from the recent 4,580 swing high to the $4,065 low.
The price failed to clear the $4,350 zone and the 61.8% FIB retracement level from the recent $4,580 swing high to the $4,065 low. Also, the ETH/USD hourly wage chart has a bearish trendline that forms with $4,300 in resistance.
Ethereum prices are currently below $4,300, trading a simple 100-hour moving average. The advantage is that the price could face resistance close to the $4,300 level. The next important resistance is close to the $4,350 level.
The first major resistance is close to the $4,385 level. A clear move outweighing the $4,385 resistance could turn the price towards a $4,450 resistance. An upward break above the $4,450 resistance could require more profits in future sessions. If stated, ether could rise towards a $4,500 resistance zone, and even $4,550.
Another drop in ETH?
If Ethereum fails to clear the $4,300 resistance, it could continue to fall. The initial support for the downside is close to the $4,220 level. The first major support is near the $4,180 zone.
A clear move below the $4,180 support could push the price up to $4,120 support. Any further losses could send prices towards a support level of $4,065 in the short term. The following key support is $4,000:
Technical indicators
HOURLY MACD – ETH/USD’s MACD is losing momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $4,180
Major Resistance Levels – $4,385
