Ethereum Price Battles Key Barrier as Bulls Eye a Breakout Attempt

[Ben Graham]

Ethereum price started a recovery wave above the $4,150 zone. ETH is now back above $4,250 but it faces many hurdles near $4,300.

• Ethereum started a recovery wave above the $4,200 and $4,250 levels.
• The price is trading below $4,320 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $4,300 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it settles below the $4,180 zone in the near term.

Ethereum Price Faces Hurdles

Ethereum price extended losses after there was a close below the $4,200 level, like Bitcoin. ETH price gained bearish momentum and traded below the $4,110 support zone.

The bears were able to push the price below the $4,080 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.

The price failed to clear 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 $4,300 on the hourly chart of ETH/USD.

Ethereum price is now trading below $4,300 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,300 level. The next key resistance is near the $4,350 level.

The first major resistance is near the $4,385 level. A clear move above the $4,385 resistance might send the price toward the $4,450 resistance. An upside break above the $4,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,500 resistance zone or even $4,550 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $4,300 resistance, it could continue to move down. Initial support on the downside is near the $4,220 level. The first major support sits near the $4,180 zone.

A clear move below the $4,180 support might push the price toward the $4,120 support. Any more losses might send the price toward the $4,065 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 – $4,180

Major Resistance Level – $4,385