Ethereum Price began a new decrease below the $ 4,500 zone. ETH is now trying a recovery and could face obstacles near the area of $ 4,400.
- Ethereum is still struggling to recover above the $ 4,500 zone.
- The price is quoted below $ 4,450 and the single mobile average of 100 hours.
- There is a key line of bearish trend that is formed with resistance to $ 4,380 in the ETH/USD -hour graph (data food through Kraken).
- The torque could begin a decent increase if there is a closure above the level of $ 4,420 in the short term.
Ethereum Price Eyes Upside Break
Ethereum Price began a recovery wave after he tested the $ 4,220 area, such as Bitcoin. Eth Price was able to rise above the resistance levels of $ 4,250 and $ 4,300.
The recent minimum was formed at $ 4,258 and the price now consolidates losses. It is quoted near the FIB decrease level of 50% of the recent decrease in the swing of $ 4,416 to the maximum up to the minimum of $ 4,258. A base seems to be forming above the level of $ 4,250, but the bears could remain active near the resistance zone of $ 4,400.
The price of Ethereum is now quoted below $ 4,400 and the single mobile average of 100 hours. In addition, there is a key bearish trend line that is formed with resistance to $ 4,380 in the ETH/USD chart.
On the positive side, the price could face resistance near the level of $ 4,355 or the 61.8% of the recent decrease in the $ 4,416 swing up to the minimum of $ 4,258. The next key resistance is close to the level of $ 4,380 and the trend line. The first important resistance is close to the level of $ 4,415.
A clear movement above the resistance of $ 4,415 could send the price to the resistance of $ 4,480. An upward break over the resistance of $ 4,480 may require more profits in the next sessions. In the established case, Ether could rise to the resistance zone of $ 4,550 or even $ 4,580 in the short term.
Another decrease in ETH?
If Ethereum cannot eliminate the resistance of $ 4,415, it could continue to fall. The initial support at the disadvantage is close to the level of $ 4,250. The first important support is close to the $ 4,220 zone.
A clear movement below the $ 4,220 support could boost the price towards the $ 4,165 support. More losses can send the price to the support level of $ 4,120 in the short term. The following key support is at $ 4,050.
Technical indicators
Macd per hour – The MacD for ETH/USD is losing impulse in the upward zone.
RSI per hour – The RSI for ETH/USD is now close to zone 50.
Important support level: $ 4,250
Greater resistance level: $ 4,415