Ethereum ( ETH ) price prediction: Rebound meets resistance or faces more pullbacks, key resistance level 4450 USD.

The price of Ethereum has started a new round of recovery after standing above the support level of 4,220 USD, successfully breaking through the resistance levels of 4,300 USD and 4,350 USD. However, the current upward momentum is stalled, with the price consolidating below 4,400 USD and under the 100-hour simple moving average. Technical indicators show bearish signals, with the MACD gaining momentum in the bearish zone and the RSI falling below the 50 region, indicating that Ethereum may face more pullbacks. If it cannot break through the major resistance level of 4,450 USD, the price may retest the key support levels of 4,250 USD and 4,215 USD.

Ethereum price rebound encounters resistance level

After forming a bottom in the $4,220 region, the price of Ethereum has begun a new wave of recovery, similar to the trend of Bitcoin. The price of Ethereum successfully climbed above the $4,300 and $4,350 resistance levels, but then encountered bearish resistance.

The recent low was formed at $4,269, and the price is currently consolidating. Although the price has slightly risen above the 23.6% Fibonacci retracement level (calculated from the swing high of $4,488 to the low of $4,269), bulls face a tough task near $4,400. Additionally, a connecting bearish trend line has formed on the ETH/USD hourly chart, with the resistance level at $4,370. The Ethereum price is currently trading below $4,350 and the 100-hour simple moving average.

On the upside, the price may encounter resistance around $4,350. The next key resistance level is near the trend line at $4,370, as well as the 50% Fibonacci retracement level from the recent fall. The first major resistance level is at $4,450. If the price can clearly break through the resistance at $4,450, it may further pump to $4,500. After breaking the resistance level of $4,500, Ethereum may continue to rise to $4,550 or even $4,620 in the short term.

Will Ethereum face more falls?

(Source: TradingView)

If Ethereum fails to break through the 4,450 USD resistance level, the price may start a new round of falls. The initial support level on the downside is around 4,280 USD, with the first major support level located in the 4,250 USD area. If the price clearly falls below the 4,250 USD support level, it may further drop towards 4,215 USD. Any further declines could bring the price down to 4,160 USD in the short term, with the next key support level at 4,120 USD.

Technical Indicator:

• Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
• Hourly RSI: The RSI for ETH/USD is currently below the 50 area.
• Main support level: $4,215
• Main resistance level: $4,450

Conclusion:

Ethereum is currently at a critical crossroads. Although it has rebounded from recent lows, bulls face challenges from multiple key resistance levels such as $4,400 and $4,450. The bearish signals from technical indicators further exacerbate the market's cautious sentiment. Before a clear breakthrough of the main resistance levels, prices may continue to consolidate within the current range, with the risk of a pullback to lower support levels. Investors should closely monitor the breakout situation of the $4,450 resistance level, as this will determine the short-term direction of Ethereum.