Ethereum Price Struggles Badly – More Downside Risk if Support Fails

Ethereum price started a fresh recovery wave above the $4,350 zone but ￰0￱ is still struggling and might slide below the $4,270 ￰1￱ is still struggling to recover above the $4,400 ￰2￱ price is trading below $4,350 and the 100-hourly Simple Moving ￰3￱ was a break below a bullish trend line with support at $4,290 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a strong decline if it settles below the $4,220 level in the near ￰4￱ Price Could Slide Further Ethereum price started a recovery wave after it formed a base above the $4,220 zone, like ￰5￱ price was able to climb above the $4,300 and $4,320 resistance levels before the bears ￰6￱ price struggled to clear the $4,400 level.

A high was formed at $4,383 and the price started to decline ￰7￱ was a move below the $4,320 support ￰8￱ price dipped below the 50% Fib retracement level of the recent increase from the $4,234 swing low to the $4,383 high. Besides, there was a break below a bullish trend line with support at $4,290 on the hourly chart of ETH/USD. Ethereum price is now trading below $4,320 and the 100-hourly Simple Moving ￰9￱ the upside, the price could face resistance near the $4,320 ￰10￱ next key resistance is near the $4,360 ￰11￱ first major resistance is near the $4,400 level. A clear move above the $4,400 resistance might send the price toward the $4,440 ￰12￱ upside break above the $4,440 resistance might call for more gains in the coming ￰13￱ the stated case, Ether could rise toward the $4,500 resistance zone or even $4,550 in the near ￰14￱ Downside In ETH?

If Ethereum fails to clear the $4,360 resistance, it could start a fresh ￰15￱ support on the downside is near the $4,270 ￰16￱ 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 ￰17￱ more losses might send the price toward the $4,160 support level in the near ￰18￱ next key support sits at $4,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰19￱ RSI – The RSI for ETH/USD is now below the 50 ￰20￱ Support Level – $4,220 Major Resistance Level – $4,360