Ethereum rose above the $4,350 resistance zone against the US Dollar. If ETH can break the $4550 resistance zone, it will accelerate further.
- Ethereum trades in a bullish zone higher than the $4,350 mark.
- Now, the price has risen to over $4250.
- On the hourly chart for ETH/USD, there is an important bullish trendline with support close to $4,360. (Data feed via Kraken).
- It is possible for the pair to continue rising if the support level of $4,350 remains intact in the immediate future.
Ethereum Prices Extend Gains
Ethereum’s price climbed above $4,350 resistance. ETH’s price broke even the $4,000.0 resistance level, and it settled above the simple 100-hour moving average.
The price climbed to $4,500 after a steady rise. It reached an all-time high near $4,552, and it is currently declining. It was below the $4,000.00 level. It fell below the 23.6% Fib Retracement level, which was the peak of the upward movement from $4,169 low to $4,552 high.
Now, Ether prices are well over $4250. This is in addition to the 100-hourly simple moving mean. On the hourly chart for ETH/USD, there is a bullish trend line with support at $4,360.
Source: TradingView.com ETHUSD
The $4,500 mark is the initial resistance to the upside. Near the $4,550 mark is the first significant resistance. In the short term, a close above the $4.500 or $4.550 levels may trigger a new increase. If this is the case, then the price may rise towards $4620. Price could rise to $4,750 if there are more gains.
Dips Limited to ETH
If the $4,500 mark is not reached, ethereum could continue its downward correction. Initial support is at the $4,400 mark.
First support has formed near the $4350 level. This is also the trendline and 100 hourly simple moving mean. The trend line lies near the 50% Fib level of the upward swing from the $4.169 swing low to the $4,552 peak. The trend line is near the 50% Fib retracement level of the upward move from the $4,169 swing low to $4,552 high. A price break below it could push the price toward the support at $4,250.
Technical indicators
MACD Hourly – The MACD of ETH/USD continues to grow in the bearish area.
Hourly RSI – The RSI of ETH/USD has now corrected towards the 40 level.
Major Support Level – $4,350
Major Resistance Level – $4,550
