$ETH Ethereum is currently navigating a consolidation phase after failing to sustain momentum above the $4,385 resistance level. The price action shows a clear rejection near $4,387, followed by a retracement toward the $4,268 low. This move has placed ETH below the 100-hour simple moving average and beneath the descending trendline resistance at $4,340, indicating short-term bearish pressure. The hourly MACD is losing momentum in the negative zone, while the RSI hovers near the neutral 50 level, suggesting indecision among market participants.

The price is now trading near the 23.6% Fibonacci retracement level of the recent decline from $4,387 to $4,268, which aligns with the $4,300 zone. A break above the $4,340 resistance, which coincides with the descending trendline and the 100-hour SMA, would be the first signal of bullish recovery. If ETH manages to clear $4,350 and then $4,380, it could trigger a rebound wave targeting $4,420 and potentially $4,500–$4,550 in the short term. The 76.4% Fib level at $4,360 and the swing high resistance at $4,385 remain key hurdles for bulls to overcome.

On the downside, failure to reclaim $4,340 could expose ETH to renewed selling pressure. Immediate support lies at $4,265, followed by a more significant level at $4,220. A decisive break below $4,220 would invalidate the current base-building structure and open the door to deeper losses toward $4,160 and $4,120. The broader trend remains cautiously bullish, but short-term momentum favors consolidation unless bulls reclaim control above the $4,385 pivot.