Ethereum Price Faces Decline Risks Below $4,220 Support Level
Ethereum Price Analysis
- Ethereum is struggling to recover above $4,400.
- The current trading price is below $4,400 and the 100-hourly Simple Moving Average.
- A short-term declining channel is forming with resistance at $4,310 on the ETH/USD hourly chart.
- A close above $4,350 could lead to a potential increase.
Current Market Status
Ethereum attempted a recovery after establishing support above $4,200 but encountered selling pressure. The recent low stands at $4,233 with minor gains noted above the 23.6% Fibonacci retracement from $4,491 to $4,233. Resistance remains strong near $4,320.
The next key resistance level is at $4,320, followed by $4,360, which corresponds to the 50% Fibonacci retracement. A breakthrough here may push prices towards $4,420 or higher levels like $4,500 and $4,550.
Potential Downside Risks
If Ethereum fails to surpass the $4,360 resistance, it could decline further. Initial support is at $4,260, with major support at $4,220. A drop below this level may lead to further declines toward $4,200 and potentially $4,160.
Technical Indicators
Hourly MACD shows increasing bearish momentum. RSI for ETH/USD is below the 50 mark.
Major Support Level: $4,220
Major Resistance Level: $4,360