Ethereum lacks momentum, but the decline will be above $ 4,200. be limited

Ethereum lacks momentum as it encounters resistance to the US dollar near the $ 4,250 region. However, ETH needs to stay above this level to start a steady rise in the short term, as we can see more in today’s Ethereum news.

Ethereum has started a rally after falling below $ 4,000 and the price is currently trading below $ 4,250 and the 100-hour simple moving average.

A significant bullish trendline is also forming on the pair’s hourly chart with support near $ 4,150. The pair could start a new rally soon if there is a break above $ 4250 and the 100-hour SMA. Ethereum was lacking momentum as it neared $ 4200 as it turned from the $ 4250 support, broke through the $ 4000 and $ 3800 support, and traded all the way up to $ 3237 as it started recently.

There was also a break above the $ 3800 and $ 4000 resistance levels, but ETH price climbed above the 50% Fib retracement level from falling from the high of $ 4662 to the low of $ 3237 while also forming a large bullish line found support near $ 4150 on the hourly chart of the ETH / USD pair, with the initial upside resistance near $ 4200 and the first major resistance at $ 4250.

The next big hurdle is near the $ 4,250 level, and it is near the 76.4% fib retracement level from the recent fall from the $ 4662 high to the $ 3,327 low of $ 4,500. Another uptrend could move the price towards the $ 4650 resistance area in the near future. Initial downside support is near $ 4,150 and a trend line. Falling below this support zone could lead to a decline in ETH and in the named case the price could fall to the $ 4000 level. The next big analytical support is close to $ 3820, below which it may drop to $ 3650.

The pair’s hourly MACD is accelerating in the bullish territory while the pair’s RSI is above the 50 mark. The first major support is at $ 4150 and the resistance is at $ 4250.