Ethereum gains momentum, and the short-term decline becomes attractive

Ethereum rose above the USD 4,350 resistance level against the U.S. dollar. If it clearly breaks the USD 4,550 resistance zone, ETH may accelerate higher.

  • Ethereum is trading in a bullish zone above $4,350.
  • The price is now well above US$4,250 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), a major bullish trend line was formed, with support at around 4,360 USD.
  • If it stays above the support level of $4,350 in the short term, the currency pair may continue to rise.

Ethereum price expands

Ethereum Continue to rise above the $4,350 resistance levelThe price of ETH even broke through the level of $4,440 and is well above the 100-hour simple moving average.

There is a steady growth, even climbing to more than 4,500 US dollars. A high was formed near $4,552, and the price is now falling. Its trading price is less than 4,500 US dollars. There was a break below the 23.6% Fibonacci retracement level that moved upward from the swing low of $4,169 to the high of $4,552.

The price of Ether is now well above US$4,250, 100 hour simple moving averageOn the hourly chart of ETH/USD, there is also a major bullish trend line formed, with support at around 4,360 USD.

Source: ETHUSD on TradingView.com

The initial resistance for the upside is near 4,500 USD. The first major resistance is near $4,550. Closing prices above the levels of 4,500 USD and 4,550 USD may start a new rise in the short term. Under the above circumstances, the price may rise to the level of US$4,620. In the short term, any more gains may push the price to the $4,750 area.

Dips limited to ETH?

If Ethereum fails to start a new rise above $4,500, it may extend the downward correction. The initial support for the downside is around 4,400 USD.

The first key support level is now formed near $4,350, the trend line and the 100-hour simple moving average. The trend line is close to the 50% Fibonacci retracement of the upward movement from the swing low of $4,169 to the high of $4,552. A break of the trend line may cause the price to rise to the support level of $4,250.

Technical index

MACD per hour —— The MACD of ETH/USD is accelerating in the bearish zone.

RSI per hour —— The RSI for ETH/USD is now correcting downward to the 40 level.

Main support level – 4,350 USD

Main resistance level – 4,550 USD

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