Ethereum Recovery Could Face Hurdles – Can Bulls Overcome Resistance?

Ethereum price started a fresh decline below the $4,550 ￰0￱ is now attempting a recovery and might face hurdles near the $4,420 ￰1￱ is still struggling to recover above the $4,500 ￰2￱ price is trading below $4,500 and the 100-hourly Simple Moving ￰3￱ is a key bearish trend line forming with resistance at $4,430 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 $4,450 level in the near ￰4￱ Price Eyes Steady Increase Ethereum price started a recovery wave after it tested the $4,220 zone, like ￰5￱ price was able to climb above the $4,280 and $4,320 resistance ￰6￱ price surpassed the 50% Fib retracement level of the recent decline from the $4,491 swing high to the $4,213 low.

A base seems to be forming above the $4,200 level, but the bears might remain active above the $4,400 resistance ￰7￱ price is now trading below $4,450 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance at $4,430 on the hourly chart of ETH/USD. On the upside, the price could face resistance near the $4,385 level or the 61.8% Fib retracement level of the recent decline from the $4,491 swing high to the $4,213 ￰8￱ next key resistance is near the $4,400 level and the trend ￰9￱ first major resistance is near the $4,430 level. A clear move above the $4,430 resistance might send the price toward the $4,500 ￰10￱ upside break above the $4,500 resistance might call for more gains in the coming ￰11￱ the stated case, Ether could rise toward the $4,550 resistance zone or even $4,580 in the near ￰12￱ Decline In ETH?

If Ethereum fails to clear the $4,430 resistance, it could continue to move ￰13￱ support on the downside is near the $4,320 ￰14￱ first major support sits near the $4,250 zone. A clear move below the $4,250 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 gaining momentum in the bullish ￰17￱ RSI – The RSI for ETH/USD is now above the 50 ￰18￱ Support Level – $4,250 Major Resistance Level – $4,430