Ethereum prices have begun a new decline below the $4,450 zone. ETH is currently integrated and could be aiming for a new increase if it clears $4,380.
- Ethereum is struggling to recover beyond the $4,400 zone.
- The price is below $4,380 and trades a simple moving average of 100 hours.
- ETH/USD timeline charts (data feed via Kraken) have a key bearish trend line where resistance forms at $4,340.
- The pair could start a recovery wave at over $4,350 and $4,380.
Ethereum prices face hurdles
Ethereum prices began a recovery wave after forming a base over a $4,260 zone, like Bitcoin. ETH prices were able to rise above the $4,320 and $4,350 resistance levels before the bears appeared.
The price was a struggle to clear the $4,385 level. The high formed at $43,873, and prices began to drop again. There was a move below the $4,320 support level. The recent lowest was formed at $4,268, and the price currently combines losses above the 23.6% FIB retracement level of the recent decline from the recent 4,387 Swing High to a low of $4,268.
Ethereum prices are currently below $4,350, trading a simple 100-hour moving average. The advantage is that the price could face resistance close to the $4,340 level. What’s more, there’s a key bearish trendline on the ETH/USD hourly wage chart that forms with a $4,340 resistance.
The next major resistance is close to the 76.4% FIB retracement level, from the $4,360 level or the recent low of 4,387 Swing High to the $4,268 price. The first major resistance is close to the $4,385 level. A clear move above the $4,385 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.
What’s more downside to ETH?
If Ethereum fails to clear its $4,340 resistance, it could begin a new decline. The initial support for the downside is close to the $4,265 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 losing momentum in the bear zone.
Hourly RSI – The ETH/USD RSI is located near the 50 zone.
Key Support Levels – $4,260
Major Resistance Levels – $4,385
