Ethereum price started a decent rise above $4,000. ETH is consolidating gains and could aim for further gains above the $4,220 resistance.
- Ethereum has started a new rally above $4,000 and $4,120.
- The price is trading above $4,080 and the 100-hour simple moving average.
- A bullish trend line is forming on the hourly chart of ETH/USD with support at $4,055 (data feed via Kraken).
- If it trades above $4,200, the pair is likely to continue moving higher.
Ethereum price continues to rise
Ethereum price started a steady rise above the $3,880 zone, similar to Bitcoin. ETH price crossed the $4,000 and $4,120 levels and entered a short-term positive zone.
Prices soared above $4,200. A high was formed at $4,252 and the price is currently consolidating its upside. From the swing low of $3,708 to the high of $4,252, there was a slight decline below the 23.6% Fib retracement level of the recent wave.
Ethereum price is currently trading above $4,080 and its 100-hour simple moving average. Additionally, a bullish trend line has formed on the hourly chart of ETH/USD with support at $4,055.
On the upside, the price may face resistance near the $4,180 level. The next major resistance level is near the $4,200 level. The first major resistance level is near the $4,250 level. A clear break above the $4,250 resistance could send the price towards the $4,320 resistance. A break above the $4,320 area could require further gains in the coming sessions. In the above case, Ether could rise towards the $4,480 resistance zone and even $4,500 in the short term.
Will ETH fall again?
If Ethereum fails to break through the resistance at $4,200, a fresh decline could begin. The first support on the downside is near the $4,080 level. The first major support is near the $4,050 zone and trendline.
A clear move below the $4,050 support could push the price towards the $3,980 support or the 50% Fib retracement level from the recent wave’s $3,708 low to $4,252 high. Any further losses could send the price towards the $3,840 area in the near term. The next significant support is $3,780.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $4,050
High resistance level – $4,200
