Ethereum’s momentum was fast enough to surpass the $4,000 mark against the US Dollar. Positive signs are being seen in Ethereum and could rise to $4,200.
- Ethereum managed to overcome the $4,050 and $4,000 resistance levels.
- It is trading at well over $4,000, and above the simple 100-hour moving average.
- The hourly chart for ETH/USD showed a break above the key triangle of contracting resistance with resistance at $3,960 (data feed via Kraken).
- For the next term, the price of the pair must not drop below $4,000
Ethereum price increases strength
To start a new increase, Ethereum established a base at the $3900 level. ETH surged above the $4,000 threshold and the simple 100-hour moving average.
The price soared above the resistance levels of $4,050 & $4,080 by the bulls. The hourly chart for ETH/USD showed a breakout above the key contracting triangle, with resistance at $3,960. Near $4,155 a high was reached and then the price initiated a downward correction.
A break was seen below the support level at $4,100. Ether also fell below 23.6% Fib support level, which was the result of the increase in price from $3,896 swing low, to $4,155 peak.
The price is trading at well over $4,000, which is above the simple moving average of 100 hours. The $4,120 mark is the immediate resistance. Next is $4,150. The price could rise further if there is a strong upside breakout above $4,150.
Source: TradingView.com, ETHUSD
Next stop for bulls is $4,200. Above that, the price may rise to $4.250. The price could rise to $4,320 with any additional gains.
Dips Limited to ETH
It is possible that ethereum could drop if it fails to increase above $4150. Near the $4,050 area is an initial support. At the $4.020 level, we are seeing the initial support.
Near the $4,020 area is the 50% Fib Retracement level for the recent rise from $3,896 swing high to $4,155 low. Price could fall below the $4,000 and $4,020 levels to push it towards $3,920.
Technical indicators
Hourly MACD – In the bullish zone, MACD is increasing in pace for USD/ETH.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $4,020
Major Resistance Level – $4,150
