Ethereum Price Gains Fade as Key Barriers Hold Firm, Another Dip Possible – Crypto News – Crypto News
Connect with us
Ethereum Price Gains Fade as Key Barriers Hold Firm, Another Dip Possible Ethereum Price Gains Fade as Key Barriers Hold Firm, Another Dip Possible

Blockchain

Ethereum Price Gains Fade as Key Barriers Hold Firm, Another Dip Possible – Crypto News

Published

4 weeks ago

on

Ethereum price started a recovery wave from the $4,050 zone. ETH is now back above $4,220 but it faces many hurdles near $4,400.

  • Ethereum started a recovery wave above the $4,150 and $4,220 levels.
  • The price is trading below $4,350 and the 100-hourly Simple Moving Average.
  • There is a bearish trend line forming with resistance at $4,355 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it settles below the $4,220 zone in the near term.

Ethereum Price Faces Resistance

Ethereum price extended losses after there was a close below the $4,250 level, like Bitcoin. ETH price gained bearish momentum and traded below the $4,150 support zone.

The bears were able to push the price below the $4,120 support zone. Finally, the price tested the $4,065 zone. A low was formed at $4,065 and the price recently started a recovery wave above the 23.6% Fib retracement level of the recent decline from the $4,580 swing high to the $4,065 low.

However, the bears are active near the $4,350 zone and the 61.8% Fib retracement level of the recent decline from the $4,580 swing high to the $4,065 low. There is also a bearish trend line forming with resistance at $4,355 on the hourly chart of ETH/USD.

Ethereum price is now trading below $4,355 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,350 level. The next key resistance is near the $4,380 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $4,460 level. A clear move above the $4,460 resistance might send the price toward the $4,500 resistance. An upside break above the $4,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,550 resistance zone or even $4,565 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $4,380 resistance, it could continue to move down. Initial support on the downside is near the $4,240 level. The first major support sits near the $4,200 zone.

A clear move below the $4,200 support might push the price toward the $4,120 support. Any more losses might send the price toward the $4,050 support level in the near term. The next key support sits at $4,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $4,220

Major Resistance Level – $4,380

Related Topics:
Continue Reading

Trending