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Ethereum ETH $2,462.18 Ethereum -0.08% Market capitalization $297.14 billion VOL. 24 hours $0.8 billion after a short recovery from $ 4,050 is once again facing powerful barriers. Currently, the price is holding above $ 4,220, but trading is below $ 4,350 and the 100-hour simple moving average.
During the fall of ETH from a high of $ 4,580 to a low of $ 4,065, the price was only able to rebound to the 61.8% Fibonacci retracement level, where the bears became more active near $ 4,350. A downward trend line is forming on the hourly chart with resistance at $ 4,355, which complicates further growth. The nearest barriers for buyers are $ 4,380 and $ 4,460, and only a breakout of $ 4,500 can open the way to $ 4,550−4,565.
In the event of an unsuccessful attempt to rise above $ 4,380, Ethereum risks resuming its downward movement. The initial support is $ 4,240, followed by the key zone of $ 4,200. Its breakdown could send the rate to $ 4,120 and test $ 4,050 again, and in case of further pressure, even $ 4,000.
Indicators also confirm the uncertainty: The MACD is losing momentum in the red zone, while the RSI is holding just above 50, indicating a balance between the forces of sellers and buyers.
Thus, the coming hours and days could be crucial: Ethereum is balancing between the possibility of another breakout and the risk of falling back to $ 4,000.