Ethereum -Price started a new wave of recovery above $ 4,350 zone but failed. ETH is still struggling and can glide under the $ 4,270 zone.
- Ethereum is still struggling to recover above $ 4,400 zone.
- The price acts under $ 4,350 and the 100-hour simple advancing average.
- There was a break under a bullish trend line with support for $ 4,290 on the hourly table ETH/USD (data specialt via Kraken).
- The couple can start a strong decline if it settles at the level of $ 4,220 in the short term.
Ethereum -Price can slide further
Ethereum -Price started a recovery wave after it formed a basis above $ 4,220 zone, such as Bitcoin. ETH price was able to climb above the resistance levels of $ 4,300 and $ 4,320 before the bears appeared.
The price struggled to erase the level of $ 4,400. A high was formed at $ 4,383 and the price started to fall again. There was a movement below the support level of $ 4,320. The price fell below the 50% FIB retracement level of the recent increase of $ 4,234 Swing low to $ 4,383 high.
By the way, there was a break under a bullish trend line with support for $ 4,290 on the ETH/USD per hour. Ethereum price is now traded under $ 4,320 and the 100-hour simple advancing average.
At the top the price can experience the resistance near the level of $ 4,320. The next key resistance is near the level of $ 4,360. The first major resistance is near the level of $ 4,400. A clear movement above the $ 4,400 resistance can send the price to the $ 4,440 resistance. An upward break above the $ 4,440 resistance can request more profit in the coming sessions. In the indicated case, Ether could rise to the $ 4,500 resistance zone or even $ 4,550 in the short term.
More disadvantage in ETH?
If Ethereum did not know the resistance of $ 4,360, this can start a new decline. The first support on the disadvantage is near the level of $ 4,270. The first major support is near the $ 4,220 zone.
A clear movement under the support of $ 4,220 can push the price to $ 4,200 support. All losses can send the price in the short term to the support level of $ 4,160. The following key support is at $ 4,120.
Technical indicators
Hour MacD – The MACD for ETH/USD is gaining strength in the bearish zone.
Hour RSI – The RSI for ETH/USD is now below 50 zone.
Large support level – $ 4,220
Large resistance level – $ 4,360