Ethereum was steady above $4,050 against USD. ETH might gain bullish momentum if it breaks the $4,325 resistance and $4,350 resistance.
- There are some positive signs in Ethereum that go beyond the $4,200 mark.
- Now, the price trades above $4,000. The 100-hourly simple moving average is also in play.
- On the hourly chart of Ethereum/USD, there was an upward movement above a significant bearish trend line. Resistance is near $4205. (Data feed via Kraken).
- If the pair breaks above $4,350, it could see further gains.
Ethereum Prices Are Recovering
Like bitcoin, Ethereum was strong at the $4,050 resistance level. The ETH price established a solid base, and began a gradual recovery above the $4120 resistance level.
The $4,200 resistance level and the 100 hourly simple movement average were clearly broken. A break was also observed above the major bearish trendline with resistance at $4,205, on an hourly chart for ETH/USD.
This pair rose above the $4.300 resistance level and reached an all-time high of $4.386. Now, it is returning to the $4.300 level. It fell below the 23.6% Fib Retracement Level of the upward swing from the $4.026 swing low level to the $4.386 high.
Source: TradingView.com ETHUSD
Ether is trading at above $4,000. This price also exceeds the 100-hourly simple moving mean. The $4,300 mark is the initial resistance.
Near the $4,350 mark is the first significant resistance. The price could rise further if it closes above $4,300 or $4,350. If this is the case, then the price may rise towards $4,450. Price could rise towards $4,500 if there are more gains.
New Drop in Ethereum?
If the $4,350 mark is not reached, ethereum could begin a new decline. Near the $4,220 area is a support level for the downside. A connecting bullish trendline is visible on the chart at approximately $4,220.
Now, the initial support level is near $4,000. This support is near the Fib retracement of 50% of the upward movement from $4,026 low to $4.386 high. Price could drop further below the $4,000. Support level.
Technical Indicators
MACD Hourly – The MACD is falling in bullish territory for USD/ETH.
Hourly RSI – The RSI is close to 50 for USD/ETH.
Major Support Level – $4,200
Major Resistance Level – $4,350
