Ethereum price is consolidating near $4,000. ETH is on the rise again as bulls appear to be targeting above the $4,200 level.
- Ethereum traded at a new multi-month high above $4,080 before correcting lower.
- The price is trading above $4,000 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above the major contraction triangle with resistance at $4,025.
- A break above the $4,085 resistance area could resume the price rise.
Ethereum price gains strength again
Ethereum price, like Bitcoin, surged above the $4,000 resistance zone. ETH traded at multi-month highs above $4,050 before a downward correction.
The price fell below the $4,000 level, but bulls remained active near $3,850. The lowest point was made at $3,830 and the price is currently rising. There was a move above the $4,000 resistance level. Price cleared the 50% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low.
Ethereum price is currently trading above $4,000 and the 100-hour simple moving average. On the hourly chart of ETH/USD, a breakout occurred above the major contraction triangle at the resistance level of $4,025.
The recent decline from the $4,088 swing high to the $3,830 low is showing positive signs above the 76.4% Fib retracement level. If the pair holds above the $4,020 level, a further hike could be attempted. Immediate upside resistance is near the $4,085 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the $4,120 level. The next major resistance level is near $4,150, above which the price could gain upward momentum. If specified, Ethereum could rise to the $4,280 level. If there is a move above the $4,280 resistance, Ethereum may rise towards the $4,350 resistance. A test of $4,500 may be needed to see more profits.
Are dips limited in ETH?
If Ethereum fails to clear the resistance at $4,085, a downward correction could begin. Initial support for the downside is near the $4,020 level.
The first major support is near the $3,965 area or the 100-hourly SMA. The next major support could be the $3,880 zone. A clear move below the $3,880 support could lead the price towards $3,830. Any more losses could push the price down to the $3,740 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,965
Key Resistance Level – $4,085
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