Ethereum Price Targets $4,240 Resistance in Recovery Wave
Ethereum's price is experiencing a recovery wave, trading above $4,160 and the 100-hourly Simple Moving Average. The price remains stable above $4,100.
- A bullish trend line is forming with support at $4,120.
- ETH needs to clear resistances at $4,220 and $4,240 for further gains.
- Potential upside targets include $4,280, $4,320, and possibly $4,450 to $4,500.
Downside Risks
- If ETH fails to break $4,200 resistance, it may decline.
- Initial support levels are $4,120 and $4,095.
- A move below $4,095 could lead to $4,020 or even $3,920.
- Key support sits at $3,840.
Technical Indicators:
- Hourly MACD: Bullish momentum gaining.
- Hourly RSI: Above 50, indicating strength.
- Major Support Level: $4,120
- Major Resistance Level: $4,240