Ethereum Price Struggles Below $4,500 Amid Resistance at $4,415

Ethereum Price Analysis

Ethereum price declined below $4,500 and is currently struggling to recover.
Trading below $4,450 and the 100-hourly Simple Moving Average.
A bearish trend line has formed with resistance at $4,380.
Potential for a price increase if it closes above $4,420.

Current Price Trends

After testing the $4,220 level, Ethereum attempted a recovery, surpassing $4,250 and $4,300. The recent low was $4,258, consolidating losses near the 50% Fib retracement level of the decline from $4,416 to $4,258.

Resistance near $4,400 and $4,355 (61.8% Fib retracement).
Key resistance at $4,380 and $4,415.
A move above $4,415 may target $4,480 and potentially $4,550 or $4,580.

Downside Risks

If Ethereum does not surpass $4,415, it could decline further. Key support levels include:

$4,250 as initial support.
$4,220 as first major support.
Below $4,220 could drop to $4,165 and then $4,120.

Technical Indicators

MACD is losing momentum in the bullish zone.
RSI is near 50.

Major support is at $4,250 and major resistance is at $4,415.