Ethereum (ETH) Price Is Trying to Recover! These Levels Should Be Followed

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Crypto currency a sharp decline in the market Ethereumhe also shot. So much so that the popular cryptocurrency Ethereum (ETH), which declined to $4,800 while trading at $4,087 earlier in the week.

Ethereum Price May Rise Again

Ethereum, the second largest cryptocurrency by market capitalization, found support around the 4.065 dollar and began to recover against the US Dollar. With the rise of Ethereum, the price managed to reach the level of 4.349 dollars. However, if there is a clear break above $4,350 ETH it may continue to rise.

On the other hand Ethereum it found support above $4,050 and launched an upward correction similar to Bitcoin. ETH price, it even rose above the resistance levels of $ 4.150 and $4.200 to launch a short-term recovery wave.

The Ethereum price is currently trading above $4,250 and the 100-hour simple moving average. Also hourly ETH/USD there is a significant rising channel on the chart with support close to 4.240 dollars. Therefore, the price may recover again in the near term.

Also Ethereum looking at the important levels that should also be followed, the first resistance in the upward direction is located near the 4.300 dollar level, while the first major resistance is close to the 4.350 dollar level.

A close above the $4,400 and $4,420 levels in Ethereum could trigger a new increase in the near term. In this case, the price can start an increase to the level of 4, 550 dollars. In addition, with the acceleration of ETH, the price may continue its rise towards the next key hurdle (4.650 dollars).

Can a New Decline in ETH Begin?

However, if there is no expectation on Ethereum and the price cannot rise above the resistance levels of $ 4,350 and $ 4,400, Ethereum may initiate a new decline.

The first support to be followed in this case is located near the 4.250 dollar level, while the first key support is currently forming near the 4.240 dollar level.

A downward break below the $4,240 support and the channel trendline in a possible downtrend could push the price further down. This, in turn, could pull the price up to the next key support, the 4.150 dollar levels.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI: The RSI for ETH/USD is now falling towards the 50 level.

The Main Level of Support: $4,240

The Main Resistance Level: $4,350

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