Ethereum Price Forming Base – Key Levels That Could Trigger a Breakout

Ethereum price started a fresh decline below the $4,450 ￰0￱ is now consolidating and might aim for a fresh increase if it clears $4,380. Ethereum is still struggling to recover above the $4,400 ￰1￱ price is trading below $4,380 and the 100-hourly Simple Moving ￰2￱ is a key bearish trend line forming with resistance at $4,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a recovery wave if it settles above $4,350 and $4,380. Ethereum Price Faces Hurdles Ethereum price started a recovery wave after it formed a base above the $4,260 zone, like ￰3￱ price was able to climb above the $4,320 and $4,350 resistance levels before the bears ￰4￱ price struggled to clear the $4,385 level.

A high was formed at $4,3873 and the price started to decline ￰5￱ was a move below the $4,320 support ￰6￱ recent low was formed at $4,268 and the price is now consolidating losses above the 23.6% Fib retracement level of the recent decline from the $4,387 swing high to the $4,268 ￰7￱ price is now trading below $4,350 and the 100-hourly Simple Moving ￰8￱ the upside, the price could face resistance near the $4,340 level. Besides, there is a key bearish trend line forming with resistance at $4,340 on the hourly chart of ETH/USD. The next key resistance is near the $4,360 level or the 76.4% Fib retracement level of the recent decline from the $4,387 swing high to the $4,268 ￰9￱ first major resistance is near the $4,385 level.

A clear move above the $4,385 resistance might send the price toward the $4,420 ￰10￱ upside break above the $4,420 resistance might call for more gains in the coming ￰11￱ the stated case, Ether could rise toward the $4,500 resistance zone or even $4,550 in the near ￰12￱ Downside In ETH? If Ethereum fails to clear the $4,340 resistance, it could start a fresh ￰13￱ support on the downside is near the $4,265 ￰14￱ first major support sits near the $4,220 zone. A clear move below the $4,220 support might push the price toward the $4,200 ￰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 losing momentum in the bearish ￰17￱ RSI – The RSI for ETH/USD is now near the 50 ￰18￱ Support Level – $4,260 Major Resistance Level – $4,385