Ethereum Price Struggles Below $4,220 Amid Consolidation and Support Levels
Ethereum Price Update: Ethereum is experiencing difficulties in stabilizing above $4,220 and is consolidating within a range.
- The price has dipped below $4,050 and is currently trading under the 100-hourly Simple Moving Average.
- A contracting triangle with support at $3,950 is forming on the hourly ETH/USD chart.
- If Ethereum trades above $4,075, it may resume its upward trend.
- Resistance levels to watch are $4,075, $4,150, and $4,200.
- An increase past $4,250 could push Ethereum towards $4,350 or even $4,420.
Potential Decline Risks
- If unable to surpass $4,150 resistance, Ethereum might decline.
- Key support levels include $3,950, $3,880, $3,820, and $3,750.
- A drop below $3,880 could lead to further decreases toward $3,640.
Technical Indicators:
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Below the 50 mark, indicating possible weakness.
- Major Support: $3,950
- Major Resistance: $4,150
