Ethereum bulls defend price above $4,100 despite bearish sentiment
Ether has remained above the $4,100 level despite the broader cryptocurrency market recording further losses.
The broader cryptocurrency market has been in a bearish trend since the start of the week, with Bitcoin losing its $60k support level. Bitcoin has dropped lower and is currently trading close to the $56k mark.
Ether has also experienced massive losses over the past few days, dropping below the $4,500 level for the first time in weeks. However, despite the current bearish sentiment, the Ethereum bulls have been able to maintain its price above the $4,100 level. At press time, ETH is trading at $4,175 per coin, down by less than 1% over the past 24 hours.
Key levels to watch
The ETH/USD 4-hour chart remains bearish due to Ether recording huge losses over the past few days. The MACD line is below the neutral zone, indicating that the bears are currently in control. The RSI of 42 shows that ETH could be heading into the oversold region if the bulls don’t regain control of the market.
Ether is trading below its 100-day simple moving average of $4,450. The technical indicators show that ETH could record further losses over the coming hours and days.
What to expect
Ether will need to avoid the $4,102 pivot if it intends to make a run for the first major resistance level at $4,243 over the next few hours. ETH will need support from the broader cryptocurrency market if it intends to surpass the first resistance level.
Unless there is an extended rally over the coming hours, the resistance level at $4,243 should cap further