Ethereum advanced above the $4,250 resistance level against the US Dollar. If ETH breaks the $4,400 resistance zone, it could be faster.
- Ethereum trades in a bullish zone higher than the $4,250 mark.
- It is currently well over $4,250. The 100-hourly moving average for simple price movements is also high.
- On the hourly chart of Ethereum/USD, there was a break above a crucial bearish trendline. Resistance is near $4,000. (data feed via Kraken).
- It is possible for the pair to continue rising if the support level of $4,250 remains intact in the immediate future.
Ethereum price starts to recover
Ethereum continued to fall below $4,120. ETH reached the $4,000 resistance zone, and has been on a steady rebound since then. The resistance levels of $4,120, $4,150 and $5,120 were broken.
Bulls lifted the price to the top of 50% Fib Retracement levels for the downmove from $4,552 swing highs to $3,920 lows. On the hourly chart for ETH/USD, there was also a breakout above a crucial bearish trendline with resistance at $4,070.
The Ether price has risen to $4,250. This is in addition to the 100-hourly simple moving average. Near the $4,380 threshold is the initial resistance to the upside. Near the $4,400 mark is the first significant resistance.
Source: TradingView.com ETHUSD
Near the $4,400 mark is the 76.4% Fib Retracement level for the downmove from the $4,552 swing high and $3,920 low. In the short term, a close above the $4.380 or $4.400 levels may signal a new increase. The price could rise to $4,500 in the above scenario. Price could rise to $4,550 if there are more gains.
Dips Limited in Ethereum?
It could continue to correct its downside if ethereum doesn’t start a new increase above the $4,000.00 level. Initial support is at the $4,250 mark.
Near the $4,200 support zone and the 100 hourly simplemoving average is the first important support. The downside breaking below the $4,000.00 support zone may cause a steep decline. The price will likely bounce back to the $4,000 level in these cases.
Technical Indicators
Minutely MACD – The MACD is falling in bullish territory for USD/ETH.
Hourly RSI – The RSI is correcting towards the 60 mark for ETH/USD.
Major Support Level – $4,250
Major Resistance Level – $4,400
