Ethereum Price has begun recovery waves from the $4,050 zone. ETH is currently back at over $4,220, but faces many hurdles near $4,400.
- Ethereum has launched recovery waves above the $4,150 and $4,220 levels.
- The price is below $4,350 and trades a simple 100-hour moving average.
- ETH/USD timeline charts (data feed via Kraken) have a bearish trendline with resistance formed at $4,355.
- The pair could continue to fall if they were below the $4,220 zone in the short term.
Ethereum prices face resistance
Ethereum’s prices extended their losses after falling below the $4,250 level, like Bitcoin. ETH prices gained bearish momentum, falling below the $4,150 support zone.
The bear managed to get below the price of the $4,120 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.
However, the Bears are active near the $4,350 zone, with a 61.8% FIB retracement level from the recent $4,580 Swing High to the $4,065 low. There is also a bearish trendline on the ETH/USD hourly wage chart that forms with a $4,355 resistance.
Ethereum prices are currently below $4,355, trading a simple 100-hour moving average. The advantage is that the price could face resistance close to the $4,350 level. The next important resistance is close to the $4,380 level.
The first major resistance is close to the $4,460 level. A clear move above the $4,460 resistance could turn the price towards the $4,500 resistance. An upward break above the $4,500 resistance could require more profits in future sessions. If specified, ether could rise towards a $4,550 resistance zone, or even $4,565.
Another reduction in ETH?
If Ethereum fails to clear the $4,380 resistance, it could continue to fall. The initial support for the downside is close to the $4,240 level. The first major support will be near the $4,200 zone.
A clear move below $4,200 support could push the price up to $4,120 support. Any further losses could send prices towards a support level of $4,050 in the short term. The following key support is $4,000:
Technical indicators
Timely 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 – $4,220
Major Resistance Levels – $4,380