🐂 Ethereum Bulls Retreat — Is a Comeback Around the Corner?
Ethereum price resumed rebound over $4,300. Ethereum may go below $4,250 as it struggles to find momentum.
Ethereum struggles to break $4,450.
The price is trading below $4,400 and the 100-hourly Simple Moving Average.
On the hourly ETH/USD chart, a negative trend line connects to $4,370 barrier.
If it closes over $4,450 soon, the pair might rise.
Ethereum Price Recovery Challenges
Ethereum pricing launched a rebound wave after forming a base above $4,220, like Bitcoin. Before bears emerged, ETH price rose over $4,300 and $4,350 barrier levels.
Prices are stabilizing after hitting $4,269, the current low. A modest gain occurred above the 23.6% Fib retracement level of the latest slide from $4,488 swing high to $4,269 low. However, the bulls face an uphill task near $4,400.
On the hourly ETH/USD chart, a negative trend line connects to $4,370 barrier. Ethereum has fallen below $4,350 and the 100-hour SMA. On the upside, the price could face resistance near the $4,350 level.
Next resistance is $4,370, the trend line and 50% Fib retracement level of the latest slide from $4,488 swing high to $4,269 low. Near $4,450 is the first substantial resistance. A clean break over $4,450 might push the price beyond $4,500. Above $4,500 resistance might lead to additional advances in the following sessions. Ether might soar to $4,550 or $4,620 in the short future.
More ETH losses?
If Ethereum fails to clear the $4,450 resistance, it could start a fresh decline. At $4,280, negative support begins. Near $4,250 is the first big support.
A decisive break below $4,250 might bring the market around $4,215. If losses continue, the price may reach $4,160 support. The next support is $4,120.
Tech Indicators
The negative MACD for ETH/USD is growing.
Hourly RSI: ETH/USD is below 50.
Major Support—$4,215
Major Resistance: $4,500
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