Ethereum Price Faces Tough Road – Is a Big Breakout Still Possible?

Ethereum price started a fresh decline below the $4,500 ￰0￱ is now attempting a recovery and might face hurdles near the $4,400 ￰1￱ is still struggling to recover above the $4,500 ￰2￱ price is trading below $4,450 and the 100-hourly Simple Moving ￰3￱ is a key bearish trend line forming with resistance at $4,380 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 $4,420 level in the near ￰4￱ Price Eyes Upside Break Ethereum price started a recovery wave after it tested the $4,220 zone, like ￰5￱ price was able to climb above the $4,250 and $4,300 resistance ￰6￱ recent low was formed at $4,258 and the price is now consolidating ￰7￱ is trading near the 50% Fib retracement level of the recent decline from the $4,416 swing high to the $4,258 low.

A base seems to be forming above the $4,250 level, but the bears might remain active near the $4,400 resistance ￰8￱ price is now trading below $4,400 and the 100-hourly Simple Moving Average . Besides, there is a key bearish trend line forming with resistance at $4,380 on the hourly chart of ETH/USD. On the upside, the price could face resistance near the $4,355 level or the 61.8% Fib retracement level of the recent decline from the $4,416 swing high to the $4,258 ￰9￱ next key resistance is near the $4,380 level and the trend ￰10￱ first major resistance is near the $4,415 level. A clear move above the $4,415 resistance might send the price toward the $4,480 ￰11￱ upside break above the $4,480 resistance might call for more gains in the coming ￰12￱ the stated case, Ether could rise toward the $4,550 resistance zone or even $4,580 in the near ￰13￱ Decline In ETH?

If Ethereum fails to clear the $4,415 resistance, it could continue to move ￰14￱ support on the downside is near the $4,250 ￰15￱ first major support sits near the $4,220 zone. A clear move below the $4,220 support might push the price toward the $4,165 ￰16￱ more losses might send the price toward the $4,120 support level in the near ￰17￱ next key support sits at $4,050. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish ￰18￱ RSI – The RSI for ETH/USD is now near the 50 ￰19￱ Support Level – $4,250 Major Resistance Level – $4,415