Ethereum advanced above the $4250 resistance zone in relation to the US Dollar. To accelerate further in the short term, ETH needs to remain above $4.150
- Ethereum began a rebound wave higher than the $4,250 or $4,000 resistance levels.
- Now, the price trades above $4150. The 100-hourly simple moving average is also in play.
- On the hourly chart of Ethereum/USD, there was an upward movement above a crucial bearish trend line. Resistance is near $4150. (Data feed via Kraken).
- A fresh rally could be initiated if the pair stays above $4.150 and the hourly SMA 100.
Ethereum price gains momentum
Ethereum gained support close to $3,350 before launching a fresh rise. ETH picked up speed to move higher than the $3.800 resistance level and the $3.880 support levels. The $4,000 mark was broken and the simple 100-hour moving average were also reached.
The price also climbed above 50% Fib Retracement of the pivotal decline from $4,660 swing highs to $3,327 bottoms. On the hourly chart for ETH/USD, there was an upward movement above a bearish trend line that had resistance at $4,150.
Now, the pair trades above $4150 as well as the 100-hourly simple moving average. It has been consolidating close to the $4.350 resistance zone, the 76.4% Fib level of the pivotal decline from $4.660 swing high, $3.327 low, and is now trading at the 4.350 resistance area.
Source: TradingView.com, ETHUSD
The $4,380 level is the initial resistance to the upside. Near the $4,400 mark is the first significant resistance. Next is $4,550. Price could move higher if the level is clear above $4550. The price may drift to $4,700 in the short term in this case.
Dips Limited to ETH
If the price of ethereum does not rise above $4,400, then it may begin a downward correction. Near the $4,300 mark is initial support.
Key support lies near the $4150 level and the 100 hourly simple movement average. The price may accelerate lower if it breaks below $4,150. Price could drop below $4,000 to $3,850 if there is a clear break below that support.
Technical indicators
Hourly MACD – The bullish zone is seeing a rapid increase in MACDs for ETH/USD.
Hourly RSI – The RSI is well over 50 for USD/ETH.
Major Support Level – $4,150
Major Resistance Level – $4,400