Ethereum Price began a new decrease below the $ 4,450 zone. ETH is now consolidating and could point to a new increase if it eliminates $ 4,380.
- Ethereum is still struggling to recover above the $ 4,400 zone.
- The price is quoted below $ 4,380 and the single mobile average of 100 hours.
- There is a key line of bearish trend that is formed with resistance at $ 4,340 in the ETH/USD -hour graph (data food through Kraken).
- The pair could start a recovery wave if it is resolved above $ 4,350 and $ 4,380.
Ethereum’s price faces obstacles
Ethereum Price began a recovery wave after forming a base above the $ 4,260 zone, such as Bitcoin. Eth Price was able to rise above the resistance levels of $ 4,320 and $ 4,350 before the bears appeared.
The price fought to eliminate the level of $ 4,385. A maximum formed to $ 4,3873 and the price began to decrease again. There was a movement below the support level of $ 4,320. The recent minimum was formed at $ 4,268 and the price now consolidates losses above the FIB decrease level of 23.6% of the recent decrease in the swing of $ 4,387 to the maximum up to the minimum of $ 4,268.
The price of Ethereum is now quoted below $ 4,350 and the simple mobile average of 100 hours. On the positive side, the price could face resistance near the level of $ 4,340. In addition, there is a key bearish trend line that is formed with resistance to $ 4,340 in the ETH/USD chart.
The following key resistance is close to the level of $ 4,360 or the FIB recoil level of 76.4% of the recent decrease in $ 4,387 swing up to the minimum of $ 4,268. The first important resistance is close to the level of $ 4,385. A clear movement above the resistance of $ 4,385 could send the price to the resistance of $ 4,420. An upward break over the resistance of $ 4,420 may require more profits in the next sessions. In the established case, Ether could rise to the resistance zone of $ 4,500 or even $ 4,550 in the short term.
More inconvenience in ETH?
If Ethereum cannot eliminate the resistance of $ 4,340, a new decrease could begin. The initial support at the disadvantage is close to the level of $ 4,265. 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 $ 4,200 support. More losses can send the price to the support level of $ 4,160 in the short term. The following key support is at $ 4,120.
Technical indicators
Macd per hour – The MACD for ETH/USD is losing impulse in the bearish zone.
RSI per hour – The RSI for ETH/USD is now close to zone 50.
Important support level: $ 4,260
Greater resistance level: $ 4,385