Ethereum extended its increase above the $4,200 resistance versus the United States Dollar. ETH corrected gains, but it is well supported above the $4,000 pivot level.
- Ethereum began a fresh increase above the $4,000 and $4,200 resistance levels.
- The price is now trading above $4,100 and the 100 hourly simple moving average.
- There is a key bullish pattern line forming with assistance near $4,050 on the per hour chart of ETH/USD (information feed by means of Kraken).
- The pair could start a fresh increase if it stays above the $4,010 support zone.
Ethereum Price Eyes Fresh Increase
Ethereum got speed above the $4,200 level and the 100 per hour easy moving average. ETH price traded as high as $4,371 before it started a downside correction.
The rate is now trading listed below the $4,200 level. It even spiked below $4,100, but the bulls were active above the $4,000 level. A low is formed near $4,012 and the rate is now increasing. There was a break above the $4,050 and $4,100 resistance levels.
Ether price climbed above the 23.6% Fib retracement level of the recent decline from the $4,371 swing high to $4,012 low. An immediate resistance on the upside is near the $4,200 level.
The 50% Fib retracement level of the current decrease from the $4,371 swing high to $4,012 low is likewise near the $4,200 zone. The next major resistance is near the $4,240 level, above which the price might gain bullish momentum.
In the mentioned case, the rate may increase towards the $4,300 level. Any more gains could lift the price towards the next key hurdle at $4,500.
Dips Limited in ETH?
If ethereum stops working to continue greater above the $4,200 and $4,240 resistance levels, it might begin a fresh disadvantage correction. An initial support on the downside is near the $4,080 level.
The initially key assistance is now forming near the $4,050 level and the pattern line zone. A disadvantage break listed below the pattern line may even press the rate listed below the $4,000 assistance. The next key support is near $3,950, below which the price might decline towards the $3,800 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing speed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $4,000
Major Resistance Level – $4,240
