Ethereum Price Consolidates Below $4,350 as Key Resistance Forms

Ethereum Price Analysis

Ethereum price is below $4,450 and struggling to recover above the $4,400 mark.
Current trading below $4,380 and the 100-hourly Simple Moving Average.
A bearish trend line has formed with resistance at $4,340 on the hourly ETH/USD chart.
ETH could initiate a recovery if it surpasses $4,350 and $4,380.

Ethereum briefly rallied after establishing a base above $4,260 but faced selling pressure. The price peaked at $4,387 before declining below key support levels:

Recent low recorded at $4,268.
Current consolidation above the 23.6% Fibonacci retracement level.
Resistance identified near $4,360 and $4,385.
Potential gains could occur if the price clears $4,420, targeting $4,500 or higher.

If Ethereum cannot breach the $4,340 resistance, it risks further declines:

Initial downside support near $4,265.
Major support at $4,220, with further declines potentially reaching $4,200 and $4,160.

Technical Indicators:

Hourly MACD shows loss of momentum in the bearish zone.
Hourly RSI is around the 50 mark.

Key Support Level: $4,260

Key Resistance Level: $4,385