Ethereum Regains Strength, Why Bulls Could Aim $4,500

Ethereum advanced above the $4,250 resistance level against the US Dollar. If ETH breaks the $4,400 resistance zone, it could be faster.

  • Ethereum trades in a bullish zone higher than the $4,250 mark.
  • It is currently well over $4,250. The 100-hourly moving average for simple price movements is also high.
  • On the hourly chart of Ethereum/USD, there was a break above a crucial bearish trendline. Resistance is near $4,000. (data feed via Kraken).
  • It is possible for the pair to continue rising if the support level of $4,250 remains intact in the immediate future.

Ethereum price starts to recover

Ethereum continued to fall below $4,120. ETH reached the $4,000 resistance zone, and has been on a steady rebound since then. The resistance levels of $4,120, $4,150 and $5,120 were broken.

Bulls lifted the price to the top of 50% Fib Retracement levels for the downmove from $4,552 swing highs to $3,920 lows. On the hourly chart for ETH/USD, there was also a breakout above a crucial bearish trendline with resistance at $4,070.

The Ether price has risen to $4,250. This is in addition to the 100-hourly simple moving average. Near the $4,380 threshold is the initial resistance to the upside. Near the $4,400 mark is the first significant resistance.

Ethereum Price

Source: ETHUSD

Near the $4,400 mark is the 76.4% Fib Retracement level for the downmove from the $4,552 swing high and $3,920 low. In the short term, a close above the $4.380 or $4.400 levels may signal a new increase. The price could rise to $4,500 in the above scenario. Price could rise to $4,550 if there are more gains.

Dips Limited in Ethereum?

It could continue to correct its downside if ethereum doesn’t start a new increase above the $4,000.00 level. Initial support is at the $4,250 mark.

Near the $4,200 support zone and the 100 hourly simplemoving average is the first important support. The downside breaking below the $4,000.00 support zone may cause a steep decline. The price will likely bounce back to the $4,000 level in these cases.

Technical Indicators

Minutely MACDThe MACD is falling in bullish territory for USD/ETH.

Hourly RSIThe RSI is correcting towards the 60 mark for ETH/USD.

Major Support Level – $4,250

Major Resistance Level – $4,400

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