Ethereum Price has launched a new wave of recovery beyond the $4,350 zone, but has failed. ETH is still struggling and could slide under the $4,270 zone.
- Ethereum is struggling to recover beyond the $4,400 zone.
- The price is below $4,350 and trades a simple 100-hour moving average.
- There was a break below the bullish trendline with support of $4,290 on the ETH/USD hourly wage chart (data feed via Kraken).
- The pair could begin to start a strong decline if they fall below the $4,220 level in the short term.
Ethereum prices may slide further
Ethereum Price launched a recovery wave after forming a base over a $4,220 zone, like Bitcoin. ETH prices were able to surpass the $4,300 and $4,320 resistance levels before the bears appeared.
The price was a struggle to clear the $4,400 level. The high formed at $4,383 and prices began to drop again. There was a move below the $4,320 support level. Prices are below the recent increase of 50% FIB retracement levels, from the recent swing of $4,234 to $4,383.
What's more, there was a break below the bullish trendline with $4,290 support on the ETH/USD hourly wage chart. Ethereum prices are currently below $4,320, trading a simple 100-hour moving average.
The advantage is that the price could face resistance close to the $4,320 level. The next important resistance is close to the $4,360 level. The first major resistance is close to the $4,400 level. A clear move above the $4,400 resistance could turn the price towards the $4,440 resistance. An upward break above the $4,440 resistance could require more profits in future sessions. If stated, ether could rise towards a $4,500 resistance zone, and even $4,550.
A more downside to ETH?
If Ethereum fails to clear its $4,360 resistance, it could begin a new decline. The initial support for the downside is close to the $4,270 level. The first major support will be near the $4,220 zone.
A clear move below the $4,220 support could push the price up to $4,200 support. Any further losses could send prices towards a support level of $4,160 in the short term. The following key support is $4,120.
Technical indicators
Timely MACD – ETH/USD's MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD's RSI is below 50 zone.
Key Support Levels – $4,220
Major Resistance Levels – $4,360
