ethereum price broke above the $4,000 resistance zone. eth is now consolidating gains and could extend its rise above the $4,100 zone.
- ethereum traded to a new multi-month high above $4,050.
- The price is trading above $4,000 and the 100 hourly simple moving average.
- A short-term breakout pattern is forming with resistance at $4,060 on the hourly chart of eth/USD (data via Kraken).
- The pair could resume its rise if it breaks the $4,080 resistance zone.
ethereum price recovers $4K
ethereum price remained well bid above the $3,880 level and extended its rise, as did bitcoin. eth was able to overcome the key resistance of $4,000 to move further into a positive zone.
The price settled above the $4,000 level. It traded at a new multi-month high above $4,000 and recently began a consolidation phase. There was a pullback below the $4,050 level. The price tested the 23.6% Fibonacci retracement level of the recent rise from the low of $3,820 to the high of $4,088.
ethereum price is now consolidating above $4,000 and the 100 hourly simple moving average. There is also a short-term breakout pattern forming with resistance at $4,060 on the hourly chart of eth/USD.
If the pair holds above the $4,000 level, it could attempt another rise. The immediate resistance on the upside is near the $4,060 level. The first major resistance is near the $4,080 level.
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Fountain: ETHUSD on TradingView.com
The next major resistance is near $4,120, above which the price could gain bullish momentum. In the indicated case, Ether could rise towards the $4,220 level. If there is a move above the $4,220 resistance, ethereum could even rally towards the $4,300 resistance. Any additional winnings could require a test of $4,350.
Are drops in eth supported?
If ethereum fails to overcome the $4,060 resistance, it could start a downward correction. Initial support on the downside is near the $4,020 level.
The first major support is near the $3,950 zone or the 50% Fibonacci retracement level of the recent rise from the low $3,820 to the high $4,088. The next key support could be the $3,920 zone. A clear move below the $3,920 support could send the price towards $3,880. Any further losses could send the price towards the $3,780 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $3,950
Main resistance level: $4,080
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