The Ethereum transaction price was higher than US$4,400, and then the exchange rate against the US dollar fell. ETH must remain above US$4,150 to start a new rise in the short term.
- Ethereum started a new rise above the resistance levels of 4,200 USD and 4,250 USD.
- The price is now trading above $4,200 and the 100-hour simple moving average.
- A key contracting triangle was broken on the hourly chart of ETH/USD, with resistance near 4,310 USD (data feed from Kraken).
- If it stays above US$4,200 and the 100-hour moving average, the currency pair may start a new rebound.
Ethereum price is still supported
Ethereum speed up Above the resistance levels of 4,000 USD and 4,150 USD. ETH even broke through the $4,250 level and is well above the 100-hour simple moving average.
The price climbed above US$4,400, and the transaction price was as high as US$4,426. It is now correcting its earnings and is below the level of $4,350. The price of Ether fell below the 23.6% Fibonacci retracement level of the recent rise, falling from a low of $3,901 to a high of $4,426.
However, the bulls are active near $4,250, while 100 hour simple moving average. Now it is rising and trading above 4,300 USD.
On the hourly chart of ETH/USD, a key contraction triangle was broken, and the resistance was near $4,310. The initial resistance for the upside is near $4,350. The first major resistance is near 4,400 USD. The next major obstacle is near $4,520.
Source: ETHUSD on TradingView.com
Significantly higher than $4,420 may cause prices to rise further. Under the above circumstances, the price may fall to the level of US$4,550 in a short period of time.
Dips limited to ETH?
If Ethereum fails to start a new rise above $4,350, it may extend the downward correction. Initial support for the downside is around 4,300 USD. Key support levels are forming near the $4,250 level and the 100-hour simple moving average.
If it clearly breaks below the $4,250 support level, the price may extend the decline. The next major breakdown support level is the 50% Fibonacci retracement level of $4,150 or the recent rise from the swing low of $3,901 to the high of $4,426, below which the price may fall to $4,000.
MACD per hour —— The MACD of ETH/USD is accelerating in the bullish zone.
Hourly RSI —— The RSI for ETH/USD is now well above the 50 level.
Main support level – 4,250 USD
Main resistance level – 4,400 USD