Ethereum extended its surge above the USD 4,200 resistance against the US dollar. ETH corrected gains but it is well supported above the $ 4,000 pivot level.
- Ethereum began a renewed spike above the $ 4,000 and $ 4,200 resistance levels.
- The price is now trading above $ 4,100 and the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 4,050.
- The pair could start a fresh move if it stays above the USD 4,010 support zone.
Ethereum price sees new rise
Ethereum gained pace above the $ 4,200 mark and the 100-hour simple moving average. ETH price traded as high as $ 4,371 before a downward correction set in.
The price is now trading below the $ 4,200 mark. It even got below $ 4,100, but the bulls were active above $ 4,000. A low forms at $ 4,012 and the price is now rising. There was a break above the USD 4,050 and USD 4,100 resistance levels.
Ether price climbed above the 23.6% Fib retracement level of the recent decline from the $ 4,371 high to the $ 4,012 low. Immediate resistance to the upside is near the $ 4,200 level.
The 50% fib retracement level of the recent decline from the high of $ 4,371 to the low of $ 4,012 is also near the $ 4,200 zone. The next major resistance is near the $ 4,240 level, above which price could gain upside momentum.
Source: ETHUSD on TradingView.com
In the named case, the price could rise towards the $ 4,300 mark. Further gains could lift the price towards the next major hurdle at $ 4,500.
Dips Limited at ETH?
Unless Ethereum rises above the $ 4,200 and $ 4,240 resistance levels, it could initiate another downward correction. Initial support on the downside is near the $ 4,080 mark.
The first major support is now forming near the USD 4,050 level and the trendline zone. A break below the trendline could push the price below the USD 4,000 support. The next major support is at $ 3,950, below which the price could dip towards $ 3,800 in the short term.
Hourly MACD – The MACD for ETH / USD is losing pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is now above the 50 mark.
Great level of support – $ 4,000
Great resistance level – $ 4,240