Ethereum prints a bullish pattern, why ETH can revisit $4.5K

The exchange rate of Ethereum against the U.S. dollar stabilized above the fulcrum level of $4,250. If it clearly breaks the USD 4,350 resistance zone, ETH may accelerate higher.

  • Ethereum is trading in a bullish zone above $4,200.
  • The price consolidates above US$4,250 and the 100-hour simple moving average.
  • A key contracting triangle was broken on the hourly chart of ETH/USD, and the resistance is near $4,270 (data feed from Kraken).
  • If it clearly breaks the resistance zone of 4,350 USD, the currency pair may gain bullish momentum.

Ethereum price rise

Ethereum formed a foundation above the $4,150 support level. ETH price started to recover steadily above the USD 4,200 resistance zone, entering the short-term Positive zone.

The price was able to clear the 50% Fib retracement level from the swing high of $4,386 to the low of $4,169. In addition, on the hourly chart of ETH/USD, the resistance level was broken above the key contracting triangle near $4,270.

The currency pair is consolidating above $4,250, and 100 hour simple moving averageThe initial resistance for the upside is near the $4,335 level.

The 76.4% Fibonacci retracement level from the swing high of US$4,386 to the low of US$4,169 is also close to the level of US$4,330. The first major resistance is near $4,350. Closing above US$4,330 and US$4,350 may start a new rise in the short term.

Source: ETHUSD on TradingView.com

Under the above circumstances, the price may rise to the level of 4,500 US dollars. In the short term, any more increase may push the price to the breakout zone of $4,650, where the bears may gain a foothold.

ETH new drop?

If Ethereum fails to start a new rise above $4,330, it may start a new fall. The initial support for the downside is near $4,270.

The first key support level is forming near 4,250 USD and the 100-hour simple moving average. A break below the $4,250 support level may further push prices down. In this case, the price of Ether may fall to the support level of $4,150.

Technical index

MACD per hour —— The MACD of ETH/USD is slowing down in the bullish zone.

RSI per hour —— The RSI for ETH/USD is now correcting downward to the 50 level.

Main support level – 4,150 USD

Main resistance level – 4,350 USD

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