Ethereum fell below the $4150 resistance level against the US Dollar. The $4,000 support is held by ETH and may be able to start a new rise.
- Ethereum trades above the $4,050 and $4,000 support levels.
- The price trades above $4,040.
- A key bearish trend line is emerging with resistance close to $4,100 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- For the next term, the price of the pair must not drop below $4,000
Ethereum Price Has Key Support
Ethereum attempted to make an upside breakout above the $4150 resistance zone, but was unsuccessful. ETH traded below $4,000.
A break was seen below the 23.6% Fib Retracement level for the upward swing from the $3.895 swing low and $4.155 high. It even soared to below $4,050 as well as the 100 hourly simple moving median. The bulls were still active at the $4,000 mark.
Support was also provided by the 50% Fib level at which the downward move from $3,895 low to $4,155 high occurred. Now, it is rising and trading higher than the 100 hourly simple moving mean.
Source: TradingView.com ETHUSD
The $4,100 level is the immediate resistance. A key bearish trendline is also in place with resistance close to $4,100. This hourly chart shows ETH/USD. Near the $4,155 mark is the next significant resistance. In the short term, a clear upward break of the $4155 level may trigger a major rise. If this is the case, then the price might rise towards $4,250. Price could rise to $4,350 if there are more gains.
Dips Limited in Ethereum?
It could fall further if ethereum does not start an increase above $4,100. The initial support is at the $4,040 level. It also has the 100 hourly SMA.
At the $4,000 level, there is now a first important support. The bulls could feel a significant amount of pressure if they fall below $4,040 or $4,000 levels. The price may fall towards the $3920 support level in the short term, as shown above.
Technical Indicators
Minutely MACD – The bullish zone is seeing a rapid increase in MACDs for USD/ETH.
Hourly RSI – The RSI of ETH/USD is at or above 50.
Major Support Level – $4,000
Major Resistance Level – $4,155
