Ethereum Price Recovery Faces Test – Will Resistance Stop the Rally?

Ethereum price started a fresh recovery wave above the $4,350 ￰0￱ is now facing hurdles near $4,500 and might struggle to continue ￰1￱ is still struggling to recover above the $4,500 ￰2￱ price is trading above $4,400 and the 100-hourly Simple Moving ￰3￱ was a break above a key bearish trend line with resistance at $4,385 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 $4,500 level in the near ￰4￱ Price Recovers Further Ethereum price started a recovery wave after it formed a base above the $4,200 zone, like ￰5￱ price was able to climb above the $4,265 and $4,320 resistance ￰6￱ bulls were able to clear the 50% Fib retracement level of the key drop from the $4,660 swing high to the $4,209 low.

Besides, there was a break above a key bearish trend line with resistance at $4,385 on the hourly chart of ETH/USD. Ethereum price is now trading above $4,420 and the 100-hourly Simple Moving ￰7￱ the upside, the price could face resistance near the $4,500 level or the 61.8% Fib retracement level of the key drop from the $4,660 swing high to the $4,209 ￰8￱ next key resistance is near the $4,520 ￰9￱ first major resistance is near the $4,555 level. A clear move above the $4,555 resistance might send the price toward the $4,620 ￰10￱ upside break above the $4,620 resistance might call for more gains in the coming ￰11￱ the stated case, Ether could rise toward the $4,660 resistance zone or even $4,720 in the near ￰12￱ Decline In ETH?

If Ethereum fails to clear the $4,500 resistance, it could start a fresh ￰13￱ support on the downside is near the $4,400 ￰14￱ first major support sits near the $4,360 zone. A clear move below the $4,360 support might push the price toward the $4,315 ￰15￱ more losses might send the price toward the $4,260 support level in the near ￰16￱ next key support sits at $4,220. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish ￰17￱ RSI – The RSI for ETH/USD is now above the 50 ￰18￱ Support Level – $4,360 Major Resistance Level – $4,500