The exchange rate of Ethereum against the U.S. dollar rose above the $4,250 resistance level. ETH must remain above US$4,150 to accelerate its gains in the short term.
- Ethereum started a wave of recovery above the resistance levels of USD 4,000 and USD 4,250.
- The price is now trading above $4,150 and the 100-hour simple moving average.
- The key bearish trend line was broken on the hourly chart of ETH/USD with resistance near $4,150 (data feed from Kraken).
- If it stays above US$4,150 and the 100-hour moving average, the currency pair may start a new rebound.
Ethereum price upward momentum
Ethereum found support near $3,350 and started New additionETH rose above the resistance levels of 3,800 USD and 3,880 USD. It even broke through the $4,000 level and the 100-hour simple moving average.
In addition, the price climbed above the 50% Fibonacci retracement level of the key decline, falling from a swing high of $4,660 to a low of $3,327. On the hourly chart of ETH/USD, resistance is near $4,150, which also broke the key bearish trend line.
The currency pair is currently trading at a price higher than US$4,150, while 100 hour simple moving averageIt consolidated near the resistance level of $4,350 and the 76.4% Fib retracement of the key decline, falling from a swing high of $4,660 to a low of $3,327.
Source: ETHUSD on TradingView.com
The initial resistance on the upside is near $4,380. The first major resistance is near 4,400 USD. The next major obstacle is near 4,550 USD. Significantly higher than US$4,550 may cause prices to rise further. Under the above circumstances, the price may fall to the level of US$4,700 in a short period of time.
Dips limited to ETH?
If Ethereum fails to start a new rise above $4,400, it may start a downward correction. Initial support for the downside is around 4,300 USD.
Key support levels are now formed near the $4,150 level and the 100-hour simple moving average. If it clearly breaks below the $4,150 support level, the price may accelerate lower. The next major breakdown of support is US$4,000, below which the price may fall to US$3,850.
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 – 4,150 USD
Main resistance level – 4,400 USD