Ethereum price is trading above the $4,000 resistance zone, following a strong surge similar to Bitcoin. ETH/USD traded higher and reached a multi-month high above $4,050 before correcting lower
Ethereum price is trading above the $4,000 resistance zone, following a strong surge similar to Bitcoin. ETH/USD traded higher and reached a multi-month high above $4,050 before correcting lower.
Recent Rally and Pullback
- Ethereum climbed above the $4,000 level and corrected lower, with bulls seeming to aim for a break above $4,200.
- The price dipped below the $4,000 level, but the bulls were active near the $3,850 zone.
- A low was formed at $3,830, and the price is now recovering. It has broken above the $4,000 resistance.
- The price cleared the 38.2% Fibonacci retracement level of the recent swing high $4,088 swing high to $3,830 swing low.
Ethereum Price Analysis
- Ethereum price is now trading above $4,000 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD, there was a break above a crucial contracting triangle, with resistance at $4,025.
- It is now showing positive signs above the 76.4% Fibonacci retracement level of the recent swing high $4,088 swing high to $3,830 swing low.
- If the pair stays above the $4,020 level, it could attempt another leg of increase.
- An immediate resistance on the upside is near $4,085.
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[Image of Ethereum chart with key levels and trend analysis]
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Bullish Case
- The first major resistance is near $4,120.
- The next major resistance is near $4,150, and clearing this resistance could gain bullish momentum.
- In that case, ETH could rally towards the $4,280 level.
- Further, if there is a break above the $4,280 resistance, ETH could even climb to the $4,350 resistance.
- Any more gains could lead to a test of $4,500.
Bearish Outlook
- If Ethereum fails to break the $4,085 resistance, it could start a downside correction.
- An initial support on the downside is near the $4,020 level.
- The first major support is near the $3,965 zone or the 100-hour moving average.
- The next key support is likely to be near the $3,880 zone.
- A clear break below the $3,880 support could send the price towards $3,830.
- Any more losses could drag the price towards the $3,740 level.
Technical Indicators
- Hourly MACD The MACD for ETH/USD is gaining momentum in the bullish zone.
- Hourly RSI The RSI for ETH/USD is now above the 50 level.
Key Support Levels
- $3,965
- $3,880
Key Resistance Levels
- $4,085
- $4,120
- $4,150
Disclaimer
This analysis represents no recommendation on whether to buy, sell, or hold any investment.
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