Ethereum Bulls on the Back Foot – Can Momentum Return Soon?

Ethereum price started a fresh recovery wave above the $4,300 ￰0￱ is still struggling to gain momentum and might slide below $4,250. Ethereum is still struggling to recover above the $4,450 ￰1￱ price is trading below $4,400 and the 100-hourly Simple Moving ￰2￱ is a connecting bearish trend line forming with resistance at $4,370 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if there is a close above the $4,450 level in the near ￰3￱ Price Recovery Faces Hurdles Ethereum price started a recovery wave after it formed a base above the $4,220 zone, like ￰4￱ price was able to climb above the $4,300 and $4,350 resistance levels before the bears ￰5￱ recent low was formed at $4,269 and the price is now consolidating ￰6￱ was a minor increase above the 23.6% Fib retracement level of the recent decline from the $4,488 swing high to the $4,269 low.

However, the bulls face an uphill task near $4,400. Besides, there is a connecting bearish trend line forming with resistance at $4,370 on the hourly chart of ETH/USD. Ethereum price is now trading below $4,350 and the 100-hourly Simple Moving ￰7￱ the upside, the price could face resistance near the $4,350 ￰8￱ next key resistance is near the $4,370 level or the trend line and the 50% Fib retracement level of the recent decline from the $4,488 swing high to the $4,269 ￰9￱ first major resistance is near the $4,450 level. A clear move above the $4,450 resistance might send the price toward the $4,500 ￰10￱ upside break above the $4,500 resistance might call for more gains in the coming ￰11￱ the stated case, Ether could rise toward the $4,550 resistance zone or even $4,620 in the near ￰12￱ Losses In ETH?

If Ethereum fails to clear the $4,450 resistance, it could start a fresh ￰13￱ support on the downside is near the $4,280 ￰14￱ first major support sits near the $4,250 zone. A clear move below the $4,250 support might push the price toward the $4,215 ￰15￱ more losses might send the price toward the $4,160 support level in the near ￰16￱ next key support sits at $4,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰17￱ RSI – The RSI for ETH/USD is now below the 50 ￰18￱ Support Level – $4,215 Major Resistance Level – $4,450