Ethereum Navigates Critical Resistance as Bulls Aim for Breakout Above $4,300 Ethereum's price has embarked on a notable recovery, pushing back above the $4,150 zone and currently holding above $4,250. However, the cryptocurrency faces a formidable challenge as it approaches key resistance levels near $4,300, with a decisive move past this barrier being crucial for sustained upward momentum.
Ethereum's Current Price Dynamics
Following a period of losses that saw ETH dip below $4,110 and find a temporary low at $4,065, the asset initiated a recovery wave. This rebound has brought the price back above the $4,200 and $4,250 marks. Despite this bullish attempt, Ethereum is currently trading below the $4,320 level and its 100-hourly Simple Moving Average. A bearish trend line, forming resistance near $4,300 on the hourly chart, further underscores the immediate hurdles. Technical indicators show the Hourly MACD losing momentum in the bearish zone, while the Hourly RSI has moved above the 50 zone, suggesting a mixed sentiment in the market.
Key Levels to Watch: Resistance and Support
For Ethereum to extend its recovery, it must overcome the immediate resistance at $4,300, followed by the $4,350 zone, which coincides with the 61.8% Fib retracement level of its recent decline. The first major resistance is identified near $4,385. A successful breach and sustained trading above $4,385 could pave the way for a rally towards $4,450, and potentially even $4,500 or $4,550 in the near term. Conversely, if ETH fails to clear the $4,300 resistance and declines, initial downside support rests near $4,220. The most critical support on the downside is located at the $4,180 zone. A clear break below this level could trigger further losses, pushing the price towards $4,120, then $4,065, and potentially even the psychological $4,000 mark.
