Ethereum price cleared the $4,000 resistance zone. ETH is now consolidating gains and might extend its increase 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.
- There is a short-term breakout pattern forming with resistance at $4,060 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its increase if it clears the $4,080 resistance zone.
Ethereum Price Reclaims $4K
Ethereum price remained well-bid above the $3,880 level and extended its increase, like Bitcoin. ETH was able to clear the key $4,000 resistance to move further into a positive zone.
The price settled above the $4,000 level. It traded to a new multi-month high above $4,000 and recently started a consolidation phase. There was a pullback below the $4,050 level. The price tested the 23.6% Fib retracement level of the recent increase from the $3,820 swing low to the $4,088 high.
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 stays above the $4,000 level, it could attempt another increase. Immediate resistance on the upside is near the $4,060 level. The first major resistance is near the $4,080 level.
Source: ETHUSD on TradingView.com
The next major resistance is near $4,120, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,220 level. If there is a move above the $4,220 resistance, Ethereum could even rise toward the $4,300 resistance. Any more gains might call for a test of $4,350.
Are Dips Supported In ETH?
If Ethereum fails to clear the $4,060 resistance, it could start a downside 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% Fib retracement level of the recent increase from the $3,820 swing low to the $4,088 high. The next key support could be the $3,920 zone. A clear move below the $3,920 support might send the price toward $3,880. Any more losses might send the price toward the $3,780 level.
Technical Indicators
Hourly MACD – 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.
Major Support Level – $3,950
Major Resistance Level – $4,080
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Author: Aayush Jindal
