Ethereum Price Forming Base – Key Levels That Could Trigger a Breakout

Ethereum’s been struggling lately, hovering uncomfortably below the $4,400 mark. I’ve been watching it form what looks like a base above $4,260, but the recovery has been painfully slow. Every time ETH approaches $4,385, sellers swoop in and push it back down.

Right now, ETH is stuck below both $4,350 and the 100-hourly Simple Moving Average. I’ve noticed a bearish trend line forming with resistance at $4,340 on the hourly chart. The price action is frustrating - it climbs, then falls, then consolidates in this narrow range.

The technical picture isn’t particularly inspiring. There’s resistance at $4,340, then stronger barriers at $4,360 and $4,385. If ETH somehow breaks above $4,385, we might see a push toward $4,420, possibly even $4,500 or $4,550. But that’s a big “if” given the current market sentiment.

On the downside, support sits at $4,265, with stronger floors at $4,220 and $4,200. If these levels fail to hold, we could see ETH sliding toward $4,160 or even $4,120. The technical indicators aren’t giving us much hope either - the MACD is losing momentum in bearish territory, while the RSI hovers around the 50 mark.

What’s particularly concerning is how ETH seems to be following Bitcoin’s lead but without the same strength. While the broader crypto market has shown some resilience, Ethereum appears stuck in this consolidation pattern, unable to generate enough buying pressure to break through key resistance levels.

The hourly chart shows multiple rejections at the trend line, suggesting bears still have control of the short-term price action. Until we see a decisive move above $4,340 with increasing volume, I remain skeptical about ETH’s immediate prospects.

Major Support: $4,260 Major Resistance: $4,385