🚧 Ethereum Hits Resistance — Can Bulls Still Break the Chains?
Ethereum fell below $4,500 again. ETH may struggle around $4,400 throughout its rebound.
Ethereum struggles to break $4,500.
The price is below $4,450 and the 100-hour SMA.
The hourly ETH/USD chart shows a negative trend line with resistance at $4,380.
If the pair closes over $4,420 soon, it might rise.
Ethereum Price May Rise
Ethereum began a comeback after testing $4,220, like Bitcoin. ETH price broke $4,250 and $4,300 barrier.
The price is consolidating losses after hitting $4,258. It is around the 50% Fib retracement of the latest slide from $4,416 swing high to $4,258 low. Bears may stay active in the $4,400 resistance zone despite a base over $4,250.
Ethereum has fallen below $4,400 and the 100-hour SMA. On the hourly ETH/USD chart, a negative trend line with resistance at $4,380 is forming.
Upside, the price may find resistance at $4,355 or the 61.8% Fib retracement level of the current slide from $4,416 swing high to $4,258 low. The trend line and $4,380 are the next resistance points. At $4,415, serious resistance begins.
A clean break over $4,415 might push the price above $4,480. Above $4,480 barrier might lead to greater advances in the following sessions. Ether may soar to $4,550 or $4,580 soon.
Another ETH drop?
Ethereum may fall if it fails to break $4,415 barrier. Near $4,250 is first downside support. Near $4,220 is the first big support.
A decisive break below $4,220 might bring the market around $4,165. More losses might push the price beyond $4,120. The next support is $4,050.
Tech Indicators
Hourly MACD - ETH/USD MACD is losing bullish momentum.
Hourly RSI: ETH/USD is approaching 50.
Major Support—$4,250
Major Resistance: $4,415
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