Ethereum Struggles Below $4,500 Amid Resistance at $4,430

Ethereum price has declined below $4,550 and is attempting a recovery, facing resistance near $4,420.

ETH struggles to recover above $4,500.
Currently trading below $4,500 and the 100-hourly Simple Moving Average.
A bearish trend line forms with resistance at $4,430 on the ETH/USD hourly chart.
A close above $4,450 may initiate a significant increase.

Current Price Trends

After testing $4,220, Ethereum started a recovery wave, climbing past resistance levels of $4,280 and $4,320. The price surpassed the 50% Fib retracement level from the $4,491 high to the $4,213 low. A base appears to be forming above $4,200, though bearish activity persists above $4,400.

Key resistance levels include:

$4,385 (near the 61.8% Fib retracement)
$4,400 (trend line resistance)
$4,430 (first major resistance)

A move above $4,430 could advance ETH toward $4,500 and possibly $4,550 or $4,580 in the near term.

Potential Decline Risks

If Ethereum does not surpass $4,430, it may decline. Initial support is at $4,320, with major support at $4,250. A drop below $4,250 could lead to further declines towards $4,200 and potentially $4,160.

Technical indicators show:

Hourly MACD gaining bullish momentum.
Hourly RSI above 50.

Major Support Level: $4,250

Major Resistance Level: $4,430