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Ethereum (ETH) Weakens Above $4,200 – Price Outlook

Ethereum faces resistance at the $4,250 level against the dollar. Meanwhile, the leading alt has to maintain beyond $4,000 for short-term steady surges.

  • Ethereum began recovery after a massive plummet beneath $4,000.
  • ETH trades beneath $4,250 and the 100Hr Simple Moving Average.
  • The ETH/USD hourly chart shows a vital bullish trend-line emerging with support around $4,150 (data from Kraken).
  • The pair requires a sturdy break past $4,250 and the 100Hr Simple Moving Average for a dependable recovery rally.

ETH Recovers Latest Losses

Ethereum began a massive fall after breaching the support floor at $4,250. The leading alternative coin broker the support levels at $4,000 and $3,800. Ethereum dropped towards $3,327 lows before starting an upward move recently.

The upward mode saw ETH cracking the resistance zones at $4,000 and $3,800. It even surged higher beyond the 50% Fibonacci retracement area of the latest decline from the swing high at $4,662 to $3,327. Nevertheless, the currency still wavers beneath $4,250 and 100Hr Simple Moving Average.

Besides that, the ETH/USD hourly chart shows a critical bullish trend-line emerging with a support floor near $4,150. An immediate resistance within the upward path stands at $4,200. Meanwhile, the first massive resistance was around $4,250.

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Ethereum will encounter the next massive obstacle at $4,350. This level is around 76.4% Fibonacci retracement of the latest fall from $4,662 to the low at $3,327.

A clear price move past the value areas of $4,250 and $4,350 might send ETH to higher price levels. That can see the alt exploring the resistance at $4,500. Further gains from here will witness Ethereum hitting the obstacle near $4,650 in the short term. 

Further ETH Drops?

If ETH fails to trigger a new surge past $4,250, market participants can witness it plunging further. With that, Ethereum can touch the initial downward support at $4,150 and its trend-line. Meanwhile, a fall to breach $4,150 will translate to extended declines. In such a move, the alt may fall to $4,000. Breaching the support floor at $3,820 will have ETH wavering at $3,650.

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ETH Technical Indicators

  • Hourly MACD – ETH/USD’s MACD gains momentum within a bullish zone.
  • Hourly RSI – The indicator stands beyond the 50-level.
  • Support – $4,150
  • Resistance – $4,250

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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