Pentaxcoin

Ethereum Attempts Recovery But This Resistance Is The Key

Ethereum found support near $4,065 and started a recovery against the US Dollar. ETH could continue higher if there is a clear break above $4,350.

Ethereum started a recovery wave from the $4,065 support zone.
The price is now trading above $4,250 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $4,240 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline if there is a break below $4,240 and $4,200.

Ethereum Price Eyes More Downsides
Ethereum found support above $4,050 and started an upside correction, similar to bitcoin. ETH price climbed above the $4,150 and $4,200 resistance levels to start a short-term recovery wave.
There was a break above the 23.6% Fib retracement level of the key decline from the $4,730 high to $4,067 low. Ether price is now trading above $4,250 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $4,240 on the hourly chart of ETH/USD.
An initial resistance on the upside is near the $4,300 level. The first major resistance is near the $4,350 level. The breakout zone could be near the $4,400 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the key decline from the $4,730 high to $4,067 low is also near the $4,420 zone. A close above the $4,400 and $4,420 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,550 level. Any more gains could lift the price towards the next key hurdle at $4,650.
Fresh Decline in ETH?
If ethereum fails to continue higher above the $4,350 and $4,400 resistance levels, it could start a fresh decline. An initial support on the downside is near the $4,250 level.
The first key support is now forming near the $4,240 level. A downside break below the $4,240 support and the channel trend line might push the price further lower. The next key support is near $4,150, below which the price might slide towards the $4,065 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now declining towards the 50 level.
Major Support Level – $4,240
Major Resistance Level – $4,350

Carole Lloyd

Carole Lloyd

I'm a highly experienced crypto author. I've been writing about cryptocurrency for over 3 years now and have seen the industry grow and change immensely. I have a deep understanding of the technology behind crypto and can explain complex concepts in simple terms. My blog is followed by thousands of people who are interested in learning more about cryptocurrency.

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