Ethereum (ETH) price prediction: may challenge the 4500 USD resistance level in the short term, with a main support level at 4220 USD.

The Ethereum price initiated a new wave of recovery above the $4,450 region but failed to succeed. Currently, the ETH price is still struggling and may slide below the $4,220 region. It is trading below $4,400 and the 100-hour simple moving average. On the ETH/USD hourly chart, a resistance level is forming in a short-term descending channel at $4,310. If the price can close above $4,350 in the short term, a nice pump may begin.

Ethereum price still has downside risk

The Ethereum price began a wave of recovery after bottoming out above the $4,200 area, similar to Bitcoin. Before the bears appeared, the ETH price had successfully climbed above the $4,350 and $4,400 resistance levels.

The recent low formed at $4,233, and the current price is consolidating losses. The price had a slight pump, breaking through the 23.6% Fibonacci retracement level of the recent downtrend from the $4,491 swing high to the $4,233 low. However, the bulls face a tough task near $4,320.

In addition, on the ETH/USD hourly chart, a short-term descending channel is forming at a resistance level of $4,310. Currently, the Ethereum price is trading below $4,320 and the 100-hour simple moving average. On the upside, the price may encounter resistance near $4,300.

The next key resistance level is around $4,320. The first major resistance level is around $4,360, which is the 50% Fibonacci retracement level of the recent downtrend from the swing high of $4,491 to the low of $4,233. If $4,360 resistance level can be clearly broken, the price may rise to the $4,420 resistance level. If the $4,420 resistance level can be breached, it could bring more gains in the upcoming trading sessions. In this case, Ethereum may rise to the $4,500 resistance area in the short term, or even $4,550.

Potential Downside Space

If Ethereum fails to break through the $4,360 resistance level, it may begin a new round of decline. The initial support level on the downside is around $4,260. The first major support level is near the $4,220 area.

If it clearly breaks below the $4,220 support level, the price may be pushed towards the $4,200 support level. Any further losses could cause the price to drop to the $4,160 support level in the short term. The next key support level is at $4,120.

technical indicators

(Source: TradingView)

• Hourly chart MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
• Hourly Chart RSI: The RSI for ETH/USD is currently below the 50 region.
• Main support level: $4,220
• Main resistance level: $4,360

Conclusion

Current market dynamics show that Ethereum is at a critical moment. Although it has found support in the $4,200 range, the lack of sustained buying power makes it difficult to break through the key resistance level. Technical indicators also lean towards bearish, indicating that if bulls cannot regain control in the short term, the price may decline further. Investors should closely monitor the two key price levels of $4,220 and $4,360, as they will determine the recent trend direction of Ethereum.