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Ethereum gained pace above the $4,350 resistance against the US Dollar. ETH could accelerate higher if there is a clear break above the $4,550 resistance zone.

  • Ethereum is trading in a bullish zone above the $4,350 level.
  • The price is now well above $4,250 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $4,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue higher if it stays above the $4,350 support level in the near term.

Ethereum Price Extends Gains

Ethereum extended increase above the $4,350 resistance level. ETH price even broke the $4,440 level and settled well above the 100 hourly simple moving average.

There was a steady increase and the even climbed above $4,500. A high was formed near $4,552 and the price is now correcting lower. It traded below the $4,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $4,169 swing low to $4,552 high.

Ether price is now well above $4,250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $4,360 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

An initial resistance on the upside is near the $4,500 level. The first major resistance is near the $4,550 level. A close above the $4,500 and $4,550 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,620 level. Any more gains could lift the price towards the $4,750 zone in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,500 level, it could extend its downside correction. An initial support on the downside is near the $4,400 level.

The first key support is now forming near the $4,350 level, the trend line, and the 100 hourly simple moving average. The trend line is near the 50% Fib retracement level of the upward move from the $4,169 swing low to $4,552 high. A downside break below the trend line could lead the price towards the $4,250 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now correcting lower towards the 40 level.

Major Support Level – $4,350

Major Resistance Level – $4,550

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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