Ethereum Price has launched a new wave of recovery beyond the $4,450 zone, but has failed. ETH is still struggling and could slide under the $4,220 zone.
- Ethereum is struggling to recover beyond the $4,400 zone.
- The price is below $4,400 and trades a simple 100-hour moving average.
- The ETH/USD hourly wage chart (data feed via Kraken) forms a short-term reduction channel with resistance formed at $4,310.
- If they exceed the $4,350 level in the short term, the pair could start to start a proper increase.
Ethereum prices continue to be at risk
Ethereum prices began a recovery wave after forming a base above a $4,200 zone, like Bitcoin. ETH prices were able to surpass the $4,350 and $4,400 resistance levels before the bears appeared.
The recent lowest is formed at $4,233, with prices consolidating losses. It was slightly above the 23.6% FIB retracement level of its recent decline from a swing high of $4,491 to a low of $4,233. However, the Bulls face a tough task of nearly $4,320.
Moreover, the ETH/USD hourly wage chart forms a short-term reduction channel with resistance formed at $4,310. Ethereum prices are currently below $4,320, 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 $4,320 level. The first major resistance is close to the $4,360 level or close to the 50% FIB retracement level, from the recent 4,491 Swing High to the $4,233 low. A clear move above the $4,360 resistance could turn the price towards the $4,420 resistance. An upward break above the $4,420 resistance could require more profits in future sessions. If stated, ether could rise towards a $4,500 resistance zone, and even $4,550.
A more downside to ETH?
If Ethereum fails to clear its $4,360 resistance, it could begin a new decline. The initial support for the downside is close to the $4,260 level. The first major support will be near the $4,220 zone.
A clear move below the $4,220 support could push the price up to $4,200 support. Any further losses could send prices towards a support level of $4,160 in the short term. The following key support is $4,120.
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $4,220
Major Resistance Levels – $4,360