Ethereum Price Recovers Above $4,250 but Faces Resistance at $4,300

Ethereum Price Update

  • Ethereum is recovering above $4,200 and $4,250.
  • Current trading price is below $4,320 and the 100-hourly Simple Moving Average.
  • A bearish trend line is forming with resistance at $4,300.
  • If ETH settles below $4,180, it may continue to decline.

Market Analysis

Ethereum experienced a decline after closing below $4,200, reaching a low of $4,065. A recovery wave has begun above the 23.6% Fib retracement level from the recent decline.

Resistance levels include:

  • $4,300
  • $4,350 (61.8% Fib retracement)
  • $4,385 (major resistance)
  • $4,450 (next key resistance)

Should Ethereum break above $4,450, potential gains could push prices toward $4,500 or $4,550.

Downside Risks

If Ethereum cannot surpass $4,300, initial support is at $4,220, followed by major support at $4,180. A drop below $4,180 could lead to further declines towards $4,120 and $4,065, with the next critical support at $4,000.

Technical Indicators

  • Hourly MACD shows decreasing bearish momentum.
  • Hourly RSI is above 50.

Major Support Level: $4,180

Major Resistance Level: $4,385