Ethereum price started a fresh recovery wave above the $4,350 zone. ETH is now facing hurdles near $4,500 and might struggle to continue higher.
- Ethereum is still struggling to recover above the $4,500 zone.
- The price is trading above $4,400 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $4,385 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a close above the $4,500 level in the near term.
Ethereum Price Recovers Further
Ethereum price started a recovery wave after it formed a base above the $4,200 zone, like Bitcoin. ETH price was able to climb above the $4,265 and $4,320 resistance levels.
The bulls were able to clear the 50% Fib retracement level of the key drop from the $4,660 swing high to the $4,209 low. Besides, there was a break above a key bearish trend line with resistance at $4,385 on the hourly chart of ETH/USD.
Ethereum price is now trading above $4,420 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,500 level or the 61.8% Fib retracement level of the key drop from the $4,660 swing high to the $4,209 low.
The next key resistance is near the $4,520 level. The first major resistance is near the $4,555 level. A clear move above the $4,555 resistance might send the price toward the $4,620 resistance. An upside break above the $4,620 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,660 resistance zone or even $4,720 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $4,500 resistance, it could start a fresh decline. Initial support on the downside is near the $4,400 level. The first major support sits near the $4,360 zone.
A clear move below the $4,360 support might push the price toward the $4,315 support. Any more losses might send the price toward the $4,260 support level in the near term. The next key support sits at $4,220.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $4,360
Major Resistance Level – $4,500
