Ethereum price started a new recovery above USD 4,120. ETH is now showing positive signs and could rise further towards the $4,400 level.
- Ethereum started a recovery wave above the USD 4,000 and USD 4,120 levels.
- The price is trading above USD 4,120 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $4,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it trades above $4,320.
Ethereum price is gaining traction
Ethereum price started a recovery wave above the USD 3,850 level, just like Bitcoin. ETH price formed a base and was able to recover above the $4,000 level.
The price cleared the 50% Fib retracement level of the key decline from the $4,758 swing high to the $3,422 low. The bulls were able to push the price above the $4,200 pivot level. Additionally, a major bullish trendline is forming with support at $4,150 on the hourly chart of ETH/USD.
Ethereum price is now trading above $4,200 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance around the $4,250 level. The next major resistance is near the $4,400 level.
The first major resistance is near the $4,440 level and the 76.4% Fib retracement level of the main decline from the $4,758 swing high to the $3,422 low. A clear move above the USD 4,400 resistance could send the price towards the USD 4,500 resistance. An upside break above the $4,500 region could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance zone of $4,550 or even $4,650 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 4,300 resistance, it could trigger another decline. The initial downside support is near the $4,150 level and the trendline. The first major support is near the $4,120 zone.
A clear move below the USD 4,120 support could push the price towards the USD 4,050 support. Any further losses could send the price towards $3,950 in the near term. The next major support is at $3,880.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $4,150
Major resistance level – $4,300