The exchange rate of Ethereum against the US dollar remained above US$4,050. Once the resistance levels of 4,325 USD and 4,350 USD are broken, ETH may gain bullish momentum.
- Ethereum is showing some positive signs above $4,200.
- The price is now trading above $4,200 and the 100-hour simple moving average.
- Breaking through the main bearish trend line on the hourly chart of ETH/USD, with resistance near $4,205 (data feed from Kraken).
- If it clearly breaks the USD 4,350 resistance zone, the currency pair may expand its gains.
Ethereum price is picking up
Ethereum remains strong above the $4,050 support level, unlike BitcoinThe ETH price formed a foundation and started a steady wave of recovery above the $4,120 resistance zone.
Clearly break through the resistance zone of 4,200 USD, 100 hour simple moving averageIn addition, on the hourly chart of ETH/USD, resistance is near $4,205, breaking the main bearish trend line.
The currency pair climbed above the resistance zone of 4,300 USD and formed a high near 4,386 USD. It is now correcting gains below $4,300. There was a break below the 23.6% Fibonacci retracement level that moved upward from the swing low of $4,026 to the high of $4,386.
Source: ETHUSD on TradingView.com
The price of Ether is now trading above US$4,200 and the 100-hour simple moving average. The initial resistance for the upside is near 4,300 USD.
The first major resistance is near $4,350. The closing price above the level of 4,300 USD and 4,350 USD may start a new rise in the short term. Under the above circumstances, the price may rise to the level of US$4,450. In the short term, any more gains may push prices up to the $4,500 mark.
ETH new drop?
If Ethereum fails to start a new rise above $4,350, it may start a new fall. The initial support for the downside is near $4,220. There is also a connected bullish trend line close to $4,220 on the same chart.
The first key support level is now formed near $4,200. It is close to the 50% Fibonacci retracement level of the upward movement from the swing low of $4,026 to the high of $4,386. A break below the $4,200 support level may further push prices down.
MACD per hour —— The MACD of ETH/USD is slowing down in the bullish zone.
Hourly RSI —— The RSI of ETH/USD is now close to the 50 level.
Main support level – 4,200 USD
Main resistance level – 4,350 USD