Ethereum Price Recovers Above $4,220 but Faces Resistance at $4,350

Ethereum Price Update

Ethereum price is recovering from the $4,050 zone and currently above $4,220.
The price faces resistance near $4,350 and below the 100-hourly Simple Moving Average.
A bearish trend line forms with resistance at $4,355 on the hourly chart.
If ETH settles below $4,220, it may decline further.

Price Movements

After closing below $4,250, Ethereum's price fell below key support levels, testing as low as $4,065. A recovery began above the 23.6% Fib retracement level of the decline from $4,580 to $4,065, but bears remain active around $4,350.

Current resistance levels include:

$4,350
$4,380
$4,460 (major resistance)
$4,500 (next possible resistance)
$4,550 (potential target if gains continue)

Potential Decline

If Ethereum does not break through the $4,380 resistance, it could drop further with initial support at $4,240 and major support at $4,200. A move below $4,200 might test the $4,120 level and potentially $4,050 or $4,000.

Technical Indicators

Hourly MACD shows decreasing momentum in the bearish zone.
Hourly RSI is above the 50 zone.