[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

Ethereum is Showing Early Signs of Fresh Rally, But $4,100 is the Key

0

Ethereum is gaining pace above the $4,000 zone against the US Dollar. ETH price is showing positive signs, but it must clear $4,100 for a strong upward move.

  • Ethereum started a fresh increase and surpassed the $4,000 resistance zone.
  • The price is trading above $4,020 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $4,020 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $4,100 to accelerate higher in the near term.

Ethereum Price Extends Recovery

Ethereum started a steady increase above the $3,950 and $3,980 resistance levels. ETH even climbed above the $4,020 level and the 100 hourly simple moving average.

Besides, there was a break above a key bearish trend line with resistance near $4,020 on the hourly chart of ETH/USD. The pair traded as high as $4,075 and is currently consolidating gains above the 23.6% Fib retracement level of the recent increase from the $3,750 swing low to $4,075 high.

It is still trading above $4,020 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $4,020 on the same chart. An immediate resistance on the upside is near the $4,080 level. The next major resistance is near the $4,100 level.

Source: ETHUSD on TradingView.com

A clear upside break above the $4,100 level could push the price further higher in the near term. The next stop for the bulls could be $4,200, above which the price could rise to $4,250. Any more gains could send the price towards the $4,350 level.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,080 level, it could start a fresh downside correction. An initial support on the downside is near the $4,020 level. The first key support is now forming near the $3,950 level and the 100 hourly simple moving average.

The next major support is near $3,920. It is close to the 50% Fib retracement level of the recent increase from the $3,750 swing low to $4,075 high. If there is a clear break below the $3,920 support, the price could extend losses.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,920

Major Resistance Level – $4,100

Leave A Reply

Your email address will not be published.