Ethereum Lacking Momentum Above $4,300, Why Bulls Are Safe

Ethereum is struggling to gain pace above the $4,300 zone against the US Dollar. ETH price is correcting gains, but it might find support near $4,000. Ethereum corrected lower below the $4,220 and $4,200 support levels. The price is now trading below $4,300 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $4,350 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the key $4,300 resistance zone. Ethereum Price Remains Supported Ethereum struggled to gain pace above the $4,320 and $4,350 levels. ETH started a downside correction and traded below the $4,300 support zone. There was a close below $4,300 and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $4,350 on the hourly chart of ETH/USD. The pair traded below the 50% Fib retracement level of the upward wave from the $3,900 swing low to $4,450 swing high. It is now showing a few bearish signs below the $4,200 level. An initial resistance on the upside is near the $4,180 level. The first major resistance is near the $4,220 level. Source: ETHUSD on TradingView.com The next major hurdle is near the $4,250 level. A clear break and close above the $4,250 level could stage a steady increase in the near term. In the stated case, the price even surpass the $4,300 resistance in the near term. The next major re...