Ethereum has been rising faster than the US Dollar’s $4,000 mark. Positive signs are being seen in Ethereum’s price, however, it needs to surpass $4,100 before the currency can make a significant upwards move.
- Ethereum saw a renewed increase in price and passed the $4,000 threshold.
- The price trades above $4,020.
- The hourly chart for ETH/USD showed a breakout above the key bearish trendline with resistance at $4,020 (data feed via Kraken).
- For the pair to move higher, they must reach $4,100.
Ethereum Price Continues to Recover
Ethereum saw a steady rise above the resistance levels of $3,950 and 3.9980. ETH also climbed to the $4,020 mark and above the 100 hourly simple moving mean.
On an hourly chart of Ethereum/USD, the pair broke above a bearish trend line, with resistance close to $4,020. This pair reached $4,075, consolidating gains beyond the 23.6% Fib Retracement level that was used to retrace the rise from the $3.750 swing low to the $4.075 high.
The price is trading at $4,020 above the simple moving average of 100 hours. The same chart also shows a connected bullish trendline with support close to $4,020. Near the $4,080 area is an immediate resistance. Near the $4,100 mark is the next significant resistance.
Source: TradingView.com, ETHUSD
The price could rise further if there is a strong upside breakout above $4,100. For bulls, $4,200 could be the next stop. If that price is exceeded, it could lead to a rise of $4,250. The price could rise to $4,350 with any additional gains.
Dips Limited to ETH
If ethereum does not start an increase above $4,080, then it may start a downside correction. Near the $4,020 mark is the initial support. Support is currently forming at the close of the $3,950 and 100-hourly simple moving average levels.
Nearly $3,920 is the next significant support. This is near the Fib retracement of 50% the increase in price from $3,750 low to $4,075 high. The price may extend its losses if it breaks below $3,920.
Technical Indicators
Minutely 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 – $3,920
Major Resistance Level – $4,100
