Ethereum extended its rise above the $4,200 resistance level against the US Dollar. ETH corrected gains, but it remained supported above the $4,000 pivot level.
- Ethereum started a fresh rise above the $4,000 and $4,200 resistance levels.
- The price is now trading above $4,100 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $4,050 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh rise if it sustains above the $4,010 support area.
Ethereum Price Eyes Fresh Growth
Ethereum gained momentum above the $4,200 level and the 100 hourly simple moving average. ETH price traded as high as $4,371 before starting a downside correction.
The price is now trading below the $4,200 level. It even declined below $4,100 but the bulls were active above the $4,000 level. A low is formed near $4,012 and the price is now rising. There was a break above the $4,050 and $4,100 resistance levels.
Ether price climbed above the 23.6% Fib retracement level of the recent decline from the $4,371 high to $4,012 low. An immediate upside resistance is near the $4,200 level.
The 50% Fib retracement level of the recent decline from the $4,371 high to $4,012 low is also near the $4,200 area. The next major resistance is near the $4,240 level, above which the price is likely to gain momentum.
Source: ETHUSD on TradingView.com
In this case, the price is likely to move higher towards the $4,300 level. Any further gains could propel the price towards the next major hurdle at $4,500.
Dips Limited in ETH?
If Ethereum fails to continue above the $4,200 and $4,240 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,080 level.
The first major support is now forming near the $4,050 level and the trend line zone. A downside break below the trend line could also push the price below the $4,000 support level. The next major support is near the $3,950 level, below which the price could decline towards the $3,800 level in the near term.
hourly macd – The MACD for ETH/USD is losing momentum in the bullish zone.
hourly rsi – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $4,000
Key Resistance Level – $4,240