Ethereum Price Warning – Bulls Losing Grip as Downside Risks Build

Ethereum price started a fresh recovery wave above the $4,450 zone but ￰0￱ is still struggling and might slide below the $4,220 ￰1￱ is still struggling to recover above the $4,400 ￰2￱ price is trading below $4,400 and the 100-hourly Simple Moving ￰3￱ is a short-term declining channel forming with resistance at $4,310 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 $4,350 level in the near ￰4￱ Price Remains At Risk 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 $4,350 and $4,400 resistance levels before the bears ￰6￱ recent low was formed at $4,233 and the price is now consolidating ￰7￱ was a minor increase above the 23.6% Fib retracement level of the recent decline from the $4,491 swing high to the $4,233 low.

However, the bulls face an uphill task near $4,320. Besides, there is a short-term declining channel forming with resistance at $4,310 on the hourly chart of ETH/USD. Ethereum price is now trading below $4,320 and the 100-hourly Simple Moving ￰8￱ the upside, the price could face resistance near the $4,300 ￰9￱ next key resistance is near the $4,320 ￰10￱ first major resistance is near the $4,360 level or the 50% Fib retracement level of the recent decline from the $4,491 swing high to the $4,233 low. A clear move above the $4,360 resistance might send the price toward the $4,420 ￰11￱ upside break above the $4,420 resistance might call for more gains in the coming ￰12￱ the stated case, Ether could rise toward the $4,500 resistance zone or even $4,550 in the near ￰13￱ Downside In ETH?

If Ethereum fails to clear the $4,360 resistance, it could start a fresh ￰14￱ support on the downside is near the $4,260 ￰15￱ first major support sits near the $4,220 zone. A clear move below the $4,220 support might push the price toward the $4,200 ￰16￱ more losses might send the price toward the $4,160 support level in the near ￰17￱ next key support sits at $4,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰18￱ RSI – The RSI for ETH/USD is now below the 50 ￰19￱ Support Level – $4,220 Major Resistance Level – $4,360