Ethereum price started a fresh decline below $4,120. ETH is now struggling and might decline further if it breaks the $4,050 support zone.
The bears even pushed the price below $4,120. A low was formed at $4,000 and the price recently started a minor recovery wave. There was a move above the 23.6% Fib retracement level of the downward wave from the $4,635 swing high to the $4,000 low.
However, the bears remained active near the $4,250 resistance zone and pushed the price lower again. Ethereum price is now trading below $4,150 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance at $4,360 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $4,150 level. The next key resistance is near the $4,220 level. The first major resistance is near the $4,250 level. A clear move above the $4,250 resistance might send the price toward the $4,350 resistance and the trend line.
An upside break above the $4,360 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,450 resistance zone or even $4,550 in the near term.
If Ethereum fails to clear the $4,220 resistance, it could start a fresh decline. Initial support on the downside is near the $4,050 level. The first major support sits near the $4,000 zone.
A clear move below the $4,000 support might push the price toward the $3,880 support. Any more losses might send the price toward the $3,820 region in the near term. The next key support sits at $3,750.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $4,050
Major Resistance Level – $4,220
