Ethereum price broke the $4,000 resistance zone. ETH is currently consolidating gains and could extend the gains above the $4,100 area.
- Ethereum traded at a new multi-month high above $4,050.
- The price is trading above $4,000 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term breakout pattern forming with resistance at $4,060.
- A break above the $4,080 resistance area could resume the advance.
Ethereum Price Reclaims $4K
Ethereum price maintained a good price above the $3,880 level and, like Bitcoin, expanded its rise. ETH was able to move further into positive territory by clearing the key resistance at $4,000.
The price exceeded $4,000. It has been trading at new multi-month highs above $4,000 and has recently begun a consolidation phase. There was a decline below the $4,050 level. The price tested the 23.6% Fib retracement level of the recent increase from the $3,820 swing low to the $4,088 high.
Ethereum price is now consolidating above $4,000 and the 100-hour simple moving average. There is also a short-term breakout pattern on the hourly chart of ETH/USD with resistance forming at $4,060.
If the pair remains above the $4,000 level, further increases can be attempted. Immediate upside resistance is near the $4,060 level. The first major resistance is near the $4,080 level.
Source: ETHUSD on TradingView.com
The next major resistance level is near $4,120, above which the price could gain upward momentum. If specified, Ethereum could rise to the $4,220 level. If there is a move above the $4,220 resistance, Ethereum may rise towards the $4,300 resistance. A test of $4,350 may be needed for further gains.
Are dips supported on ETH?
If Ethereum fails to clear the $4,060 resistance, a downward correction could begin. Initial support for the downside is near the $4,020 level.
The first major support is near the $3,950 area or the 50% Fib retracement level of the recent increase from the $3,820 swing low to the $4,088 high. The next major support could be the $3,920 zone. A clear decline below the $3,920 support could lead the price towards $3,880. Any more losses could push the price down to the $3,780 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,950
Key Resistance Level – $4,080
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