Above the $4,250 pivot value against the US Dollar Ethereum remains stable. If ETH can break the $4.350 resistance zone, it will accelerate even further.
- Ethereum trading above $4,200 in bullish territory
- Price consolidating at above $4,250. The 100-hourly simple moving average is also higher.
- On the hourly chart of Ethereum/USD, there was an upward break over a triangle that represents key contracting and resistance close to $4270. (Data feed via Kraken).
- If the pair breaks above $4,350 resistance level, it could see bullish momentum.
Ethereum Prices Are Rising
Ethereum formed a support base above $4,150. The steady price recovery of Ethereum was initiated above the $4,000. resistance zone in order to enter a short-term positive zone.
It was able surpass the 50% Fib Retracement level for the downmove from $4.386 swing high and $4.169 low. On the hourly chart of Ethereum/USD, it was possible to see a breakout above a crucial contracting triangle that provided resistance close to $4,270.
This pair consolidates above $4,250 as well as the 100-hourly simple moving average. The $4,335 mark is the initial resistance.
Near the $4.330 level is the 76.4% Fib level. This level represents the retracement of the downmove from the $4.386 swing high and $4.169 low. Near the $4,350 mark is the first significant resistance. An increase could be initiated if the price reaches the levels of $4,330 or $4.350.
Source: TradingView.com, ETHUSD
If the case is true, then the price may rise to the $4,500 mark. The price could rise towards the $4650 level if there are more gains, which would be where the bears tend to make a stand.
Fresh Drop in the ETH
If the $4,330 mark is not reached, ethereum could begin a new decline. The $4,270 level is a support area for the downside.
Near the $4,250 support and the 100 hourly simple movement average is the first important support. Price could drop further below the $4250 level if there is a downside breakout. The price could fall to the $4,150 level in this scenario.
Technical indicators
Minutely MACD – The MACD is falling in bullish territory for USD/ETH.
Hourly RSI – The RSI of ETH/USD has now corrected towards the 50 level.
Major Support Level – $4,150
Major Resistance Level – $4,350
