The price of Ethereum started a significant increase above $4,000. ETH is consolidating gains and could aim for more gains above the USD 4,220 resistance.
- Ethereum started a new upward move above USD 4,000 and USD 4,120.
- The price is trading above USD 4,080 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $4,055 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it trades above $4,200.
Ethereum price holds gains
Ethereum price started a steady upward move above the $3,880 zone, just like Bitcoin. ETH price surpassed the USD 4,000 and USD 4,120 levels and entered a positive zone for the short term.
The price even spiked above $4,200. A high was reached at $4,252 and the price is now consolidating gains. There was a small decline below the 23.6% Fib retracement level of the recent wave, from the $3,708 swing low to the $4,252 high.
Ethereum price is now trading above $4,080 and the 100-hourly Simple Moving Average. Moreover, a bullish trendline is forming with support at $4,055 on the hourly chart of ETH/USD.
On the upside, the price could encounter resistance near the USD 4,180 level. The next major resistance is near the $4,200 level. The first major resistance is around the $4,250 level. A clear move above the USD 4,250 resistance could send the price towards the USD 4,320 resistance. An upside break above the $4,320 region could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance zone of $4,480 or even $4,500 in the short term.
Another pullback in ETH?
If Ethereum fails to clear the USD 4,200 resistance, it could trigger another decline. The initial downside support is near the USD 4,080 level. The first major support is near the $4,050 zone and the trendline.
A clear move below the $4,050 support could push the price towards the $3,980 support or the 50% Fib retracement level of the recent wave, from the $3,708 swing low to the $4,252 high. Any further losses could send the price towards the $3,840 region in the near term. The next major support is at $3,780.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $4,050
Major resistance level – $4,200