Cryptocurrency experts name a condition for Ethereum’s growth to $ 4,720

The Ethereum digital token ETH $4,148.08 Bridged Ether (StarkGate) -4.48% Market capitalization $0.11 billion VOL. 24 hours $3.33 billion is again under pressure from sellers and failed to gain a foothold above $ 4,650. After falling below the support levels of $ 4,550 and $ 4,420, the ETH price lost momentum and dropped to the $ 4,228 zone. The asset is currently trying to recover, but is trading below $ 4,450 and the 100-hour simple moving average.

Currently, the key local barrier for buyers is $ 4,375, and the next level of resistance is $ 4,400, which coincides with the 50% Fibonacci level of the fall from $ 4,581 to $ 4,228. The main breakout line is located at $ 4,450, where a bearish trend line is forming. If the price manages to gain a foothold above this level, ETH could rise to $ 4,550, and in the event of a further breakout, to $ 4,650-$ 4,720.

However, if the price fails to gain a foothold above $ 4,400, the market risks seeing a new downward trend. The first level of support is $ 4,220, and the key level is $ 4,200. A breakdown below this zone could open the way to $ 4,150, and a deeper decline to $ 4,050 or even $ 4,000.

Technical indicators confirm that bearish risks remain: The MACD for the ETH/USD pair is increasingly moving in the negative zone, and the RSI has dropped below 50, indicating that sellers are in the lead.

In general, the fate of Ethereum in the short term will depend on whether the bulls manage to hold the $ 4,200 zone and break through $ 4,450. Otherwise, the market may plunge into a new wave of decline with a target of $ 4,000.