Ethereum began a further rise above $ 4,175 against the US dollar. ETH could accelerate if there is a clear break above $ 4,300 in the near term.
- Ethereum managed to break through the resistance levels of $ 4,175 and $ 4,200.
- The price is now trading above $ 4,200 and the 100 hour simple moving average.
- A major bullish channel is forming with support near $ 4,175 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could extend its rise if it clears the resistance levels of $ 4,300 and $ 4,320.
Ethereum price could rise further
Ethereum began a further rise after stabilizing above the $ 4,050 level. ETH was able to clear the resistance zone of $ 4,750 and the 100 hour simple moving average.
The price of ether even traded above the resistance zone of $ 4,250. A high was formed near $ 4,313 and price is now consolidating its gains. It traded below the $ 4,300 level. Immediate support is near the $ 4,260 level. The indicated level is near the 23.6% Fib retracement level of the ascending wave, dropping from the low of $ 4,091 to $ 4,313.
A major bullish channel is also forming with support near $ 4,175 on the ETH / USD hourly chart. Immediate upside resistance is near the $ 4,300 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $ 4,320 level, above which the price may start a new rally. In this case, the price could increase towards the $ 4,400 level. Any further gain could drive the price towards the $ 4,550 level.
Dips supported in ETH?
If Ethereum fails to break above the resistance levels of $ 4,300 and $ 4,320, it could initiate a further downward correction. Initial bearish support is near the $ 4,260 level.
The first major support is near the $ 4,200 level. It is near the 50% Fib retracement level of the upward wave, moving from the low of $ 4,091 to the high of $ 4,313. The main support is near $ 4,175 and the channel trendline. Any other downside could drive the price towards the support of $ 4,050. The next major support for the bulls is near the $ 4,000 level.
Technical indicators
Hourly MACD – The MACD for ETH / USD is accelerating in the bullish zone.
Hourly RSI – The RSI for ETH / USD is now well above the 50 level.
Major Support Level – $ 4,175
Major Resistance Level – $ 4,320
