Ethereum gained momentum above the $4350 resistance level against the US Dollar. If ETH can break the $4,000.500 resistance zone, it will likely accelerate further.
- Ethereum trading above $4,350 in bullish territory
- It is currently well over $4,350. The 100-hourly moving average for simple price movements is also high.
- Support is near $4,400 in a rising channel on an hourly chart of USD/ETH (data feed via Kraken).
- If the pair remains above $4,350 in the short term, it could go higher.
Ethereum price starts to rise
Ethereum established a base at $4,350 and began a new increase. ETH crossed the $4,000.0 level and moved into a bullish zone.
Price even crossed the $4500 mark and settled well above the 100 hourly simple moving mean. The high was formed at $4,506 but is now correcting lower. The support level of $4,450 was broken. Also, Ether fell below 23.6% Fib support level. This was also the bottom of the upward swing from the $4.282 swing low down to the $4,506 high.
A key channel of rising support is also emerging with support close to $4,400 in the hourly chart. The $4,480 mark is the first resistance. Near the $4,500 mark is the first significant resistance.
Source: TradingView.com ETHUSD
An increase of the price above $4,480/$4,500 could trigger an immediate rise. If this is the case, then the price may rise towards $4,650. Price could rise to $4,800 if there are more gains.
Dips Limited to ETH
It could prolong its downward correction if ethereum does not start an increase above $4,500. The $4,420 level is the initial support for the downside.
It is currently near $4,400. This support level represents the first major key support. This support is close to the 50% Fib level of the upward movement from $4,282 low to $4,506 high. The price could plunge to $4,400 if it breaks below that support level. If this happens, then the price could drop below the $4.250 support zone or the 100 hourly simple moving mean.
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 – $4,400
Major Resistance Level – $4,500
