Ethereum lacks momentum to exceed $4,200, but the decline may be limited

The exchange rate of Ethereum against the US dollar is facing resistance near US$4,250. ETH must remain above $4,000 to start steady growth in the short term.

  • Ethereum started a wave of recovery after falling sharply below $4,000.
  • The price is now below $4,250 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), a key bullish trend line is formed, and the support level is near 4,150 USD.
  • If it clearly breaks the 4,250 USD and 100-hour moving average, the currency pair may start a new rebound.

Ethereum price regains lost ground

Ethereum broke through the USD 4,250 support level and began to fall sharply. ETH broke through the USD 4,000 and USD 3,800 support levels. Its trading price is as low as $3,327, and it has recently begun to correct upwards.

The resistance levels of 3,800 USD and 4,000 USD were broken. The price of Ether even climbed above the 50% Fibonacci retracement level of the recent decline, falling from a swing high of $4,662 to a low of $3,327. However, its trading price is still below US$4,250. 100 hour simple moving average.

In addition, on the hourly chart of ETH/USD, a key bullish trend line is formed, and the support level is near 4,150 USD. The initial resistance on the upside is near 4,200 USD. The first major resistance is near the $4,250 level.

The next major obstacle is near $4,350. It is close to the 76.4% Fibonacci retracement level of the recent swing from a high of $4,662 to a low of $3,327.

Source: ETHUSD on TradingView.com

Significantly higher than the levels of US$4,250 and US$4,350 may cause prices to rise further. The next major resistance is near $4,500. In the short term, any more increase may push the price to the resistance zone of $4,650.

ETH new drop?

If Ethereum fails to start New addition Above the level of 4,250 USD, it may start another decline. The initial support for the downside is around 4,150 USD and the trend line.

A break below the $4,150 support area may begin to fall steadily. Under the above circumstances, the price may fall to the level of $4,000. The next major breakdown of support is $3,820, below which the price may fall to $3,650.

Technical index

MACD per hour —— The MACD of ETH/USD is accelerating in the bullish zone.

Hourly RSI —— The RSI for ETH/USD is now well above the 50 level.

Main support level – 4,150 USD

Main resistance level – 4,250 USD

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