Ethereum Price Faces Downside Risk Below $4,220 Support Level
Ethereum Price Analysis
- Ethereum is struggling to recover above $4,400.
- The price is currently below $4,350 and the 100-hourly Simple Moving Average.
- A break occurred below a bullish trend line with support at $4,290.
- If Ethereum settles below $4,220, it may face significant declines.
Current Trends
Ethereum formed a base above $4,220 but faced resistance around $4,400. It peaked at $4,383 before declining. The price fell below $4,320 and the 50% Fibonacci retracement level of its recent gains.
Resistance levels include $4,320, $4,360, and $4,400. A movement above $4,400 could lead to further gains towards $4,500 or $4,550.
Potential Downside Risks
If Ethereum cannot surpass $4,360, it may decline. Initial support is near $4,270, followed by major support at $4,220. A drop below $4,220 could push prices toward $4,200 and potentially $4,160.
Technical Indicators
- Hourly MACD indicates bearish momentum.
- Hourly RSI is below the 50 mark.
- Major Support Level: $4,220
- Major Resistance Level: $4,360