Ethereum Faces Resistance Wall – Could Market Be Preparing for Another Decline?

Ethereum price started a fresh decline below $4,220. ETH is now consolidating and might decline further if it breaks the $4,125 support ￰0￱ failed to extend gains and declined below the $4,200 ￰1￱ price is trading below $4,220 and the 100-hourly Simple Moving ￰2￱ is a key 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 fresh increase if it settles above $4,280 and $4,320. Ethereum Price Is Now At Risk Ethereum price failed to continue higher above the $4,500 zone and started a fresh decline, like ￰3￱ price declined below the $4,420 and $4,350 support ￰4￱ bears even pushed the price below $4,200.

A low was formed at $4,000 and the price recently started a minor recovery ￰5￱ was a move above the 23.6% Fib retracement level of the downward wave from the $4,636 swing high to the $4,000 ￰6￱ price is now trading below $4,220 and the 100-hourly Simple Moving ￰7￱ the upside, the price could face resistance near the $4,220 ￰8￱ next key resistance is near the $4,280 ￰9￱ first major resistance is near the $4,315 level and the 50% Fib retracement level of the downward wave from the $4,636 swing high to the $4,000 low. A clear move above the $4,315 resistance might send the price toward the $4,370 ￰10￱ is also a key bearish trend line forming with resistance at $4,370 on the hourly chart of ETH/USD.

An upside break above the $4,370 region might call for more gains in the coming ￰11￱ the stated case, Ether could rise toward the $4,450 resistance zone or even $4,550 in the near ￰12￱ Decline In ETH? If Ethereum fails to clear the $4,215 resistance, it could start a fresh ￰13￱ support on the downside is near the $4,125 ￰14￱ first major support sits near the $4,050 zone. A clear move below the $4,050 support might push the price toward the $4,000 ￰15￱ more losses might send the price toward the $3,880 region in the near ￰16￱ next key support sits at $3,750. 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 – $4,125 Major Resistance Level – $4,320