Ethereum at a Crossroads: Key Levels Dictate Next Move Ethereum's price is currently navigating a critical juncture, having experienced a recent dip below the $4,450 mark. As the cryptocurrency consolidates, market watchers are keenly observing key resistance levels that could either trigger a significant upward breakout or signal further declines, with a fresh increase possible if ETH manages to clear $4,380.
Ethereum's Uphill Battle: Overcoming Immediate Hurdles
After forming a temporary base above the $4,260 zone, Ethereum made attempts to recover, pushing past $4,320 and $4,350. However, bullish momentum faltered around the $4,387 mark, leading to another decline below $4,320. Currently, ETH is trading under both the $4,350 level and the 100-hourly Simple Moving Average. A prominent bearish trend line at $4,340 presents an immediate resistance challenge on the hourly charts. A sustained move above this point, potentially settling above $4,350 and $4,380, is crucial for any upward trajectory.
Potential Breakout vs. Further Declines
Should Ethereum manage to decisively clear the $4,340 and the subsequent $4,385 resistance levels, it could pave the way for a recovery rally, targeting the $4,420 zone. A break above $4,420 might propel Ether towards the $4,500-$4,550 range in the near term. Conversely, a failure to breach the $4,340 resistance could initiate a fresh downward spiral. Key support levels to watch on the downside are at $4,265, followed by the significant $4,220 zone. Sustained selling pressure below $4,220 could expose ETH to further drops towards $4,200, and potentially $4,160.
Technical Snapshot
Current technical indicators show the Hourly MACD losing bullish momentum within the bearish zone, while the Hourly RSI hovers near the 50 level, suggesting a neutral stance but with potential for either direction. The major support level is identified at $4,260, with major resistance at $4,385.
