Ethereum Price Consolidates Below Resistance — Breakout Or Breakdown Next?

Ethereum price is still struggling to settle above $4,220. ETH is now consolidating in a range and might decline sharply if there is a move below $3,880. Ethereum started a recovery wave above the $4,000 and $4,020 ￰0￱ price is trading below $4,050 and the 100-hourly Simple Moving ￰1￱ is a short-term contracting triangle forming with support at $3,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it trades above $4,075.

Ethereum Price Dips To Support Ethereum price struggled to settle above $4,200 and corrected most gains, like ￰2￱ price declined below the $4,050 and $4,000 ￰3￱ even tested the $3,940 zone. A low was formed at $3,932 and the price is now consolidating ￰4￱ was a minor increase above the 23.6% Fib retracement level of the recent decline from the $4,216 swing high to the $3,932 low. Besides, there is a short-term contracting triangle forming with support at $3,950 on the hourly chart of ETH/USD. Ethereum price is now trading below $4,050 and the 100-hourly Simple Moving ￰5￱ the upside, the price could face resistance near the $4,075 ￰6￱ next key resistance is near the $4,150 level and the 76.4% Fib retracement level of the recent decline from the $4,216 swing high to the $3,932 ￰7￱ first major resistance is near the $4,200 level.

A clear move above the $4,200 resistance might send the price toward the $4,250 ￰8￱ upside break above the $4,250 region might call for more gains in the coming ￰9￱ the stated case, Ether could rise toward the $4,350 resistance zone or even $4,420 in the near ￰10￱ Decline In ETH? If Ethereum fails to clear the $4,150 resistance, it could start a fresh ￰11￱ support on the downside is near the $3,950 level and the triangle’s trend ￰12￱ first major support sits near the $3,880 zone. A clear move below the $3,880 support might push the price toward the $3,820 ￰13￱ more losses might send the price toward the $3,750 region in the near ￰14￱ next key support sits at $3,640.

Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish ￰15￱ RSI – The RSI for ETH/USD is now below the 50 ￰16￱ Support Level – $3,950 Major Resistance Level – $4,150