Ether defends the support level of $ 4,100

Ether has remained above the $4,100 level, although the broader cryptocurrency market is seeing further losses.

The broader cryptocurrency market has been in a bearish trend since the beginning of the week, with Bitcoin losing its $60,000 support level. Bitcoin has dropped and is currently trading near the $56,000 mark.

Ether has also suffered massive losses in recent days, falling below the $4,500 mark for the first time in weeks. However, despite the current bearish sentiment, the Ethereum bulls were able to keep the price above the $4,100 level. At the time of writing, ETH is trading at $4,175 per coin. According to this, ether has fallen by less than 1% in the last 24 hours.

Important levels at a glance

The ETH/USD 4-hour chart remains bearish, as Ether has recorded huge losses in recent days. The MACD line is below the neutral zone, which indicates that the bears are currently in control. The RSI of 42 shows that if the bulls do not regain control of the market, ETH could move into the oversold area.

Ether is trading below its simple 100-day moving average of $4,450. The technical indicators show that ETH could record further losses in the coming hours and days.

What you can expect

Ether needs to avoid the pivot of $4,102 if the coin wants to reach the first major resistance at $4,243 in the next few hours. ETH will need support from the broader cryptocurrency market if it intends to break the initial resistance level.

If there is no extended recovery in the coming hours, the resistance at $ 4,243 is likely to remain.

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