Ethereum rose above the resistance of $ 4,350 against the US dollar. ETH could accelerate higher if there is a clear break above the resistance zone of $ 4,550.
- Ethereum is trading in a bullish area above the $ 4,350 level.
- The price is now well above $ 4,250 and the 100 hour simple moving average.
- A major uptrend line is forming with support near $ 4,360 on the hourly ETH / USD chart (data feed via Kraken).
- The pair may continue to rise if it stays above the short-term $ 4,350 support level.
Ethereum Price Extends Gains
Ethereum extended the increase above the resistance level of $ 4,350. The price of ETH even broke through the $ 4,440 level and settled well above the 100-hour simple moving average.
There has been a steady increase and the same has soared above $ 4,500. A high was formed near $ 4,552 and the price is now correcting lower. It traded below the $ 4,500 level. There was a break below the 23.6% Fib retracement level of the uptrend from the $ 4,169 low to $ 4,552.
The price of ether is now well above $ 4,250 and the 100 hour simple moving average. A major bullish trendline is also forming with support near $ 4,360 on the hourly ETH / USD chart.
Source: ETHUSD on TradingView.com
Initial resistance to the upside is near the $ 4,500 level. The first major resistance is near the $ 4,550 level. A close above the $ 4,500 and $ 4,550 levels could trigger a further increase in the short term. In this case, the price could increase towards the level of $ 4,620. Any further gain could push the price up towards the $ 4,750 area in the near term.
Dips limited in ETH?
If Ethereum fails to start a further rise above the $ 4,500 level, it could extend its downward correction. Initial bearish support is near the $ 4,400 level.
The first key support is now forming near the $ 4,350 level, trendline and 100 hour simple moving average. The trendline is near the 50% Fib retracement level of the bullish move from $ 4,169 low to $ 4,552. A break down below the trendline could drive the price towards the support of $ 4,250.
Technical indicators
Hourly MACD – The MACD for ETH / USD is accelerating in the bearish zone.
Hourly RSI – The RSI for ETH / USD is now correcting down to the 40 level.
Major Support Level – $ 4,350
Major Resistance Level – $ 4,550