The Ethereum price is consolidating near the $4,000 zone. ETH is heading higher again as the bulls appear to be targeting a move above the USD 4,200 level.
- Ethereum traded to a new multi-month high above $4,080 before correcting lower.
- The price is trading above $4,000 and the 100-hourly Simple Moving Average.
- There was a break above a key contract triangle with resistance at $4,025 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its rise if it crosses the $4,085 resistance zone.
Ethereum price regains strength
The price of Ethereum, like Bitcoin, peaked above the $4,000 resistance zone. ETH traded to a new multi-month high above $4,050 before staging a downward correction.
The price fell below the USD 4,000 level, but the bulls were active near the USD 3,850 zone. A low was formed at $3,830 and the price is now rising. There was a move above the $4,000 resistance. The price crossed the 50% Fib retracement level from the recent decline from the $4,088 swing high to the $3,830 low.
The Ethereum price is now trading above $4,000 and the 100-hourly Simple Moving Average. There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD.
It is now showing positive signs above the 76.4% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low. If the pair remains above the $4,020 level, it could attempt another rise. The immediate resistance on the upside is near the USD 4,085 level.
Source: ETHUSD on TradingView.com
The first major resistance is around the $4,120 level. The next major resistance is near USD 4,150, above which the price could gain bullish momentum. In the mentioned case, Ether could rise towards the USD 4,280 level. If a move above the USD 4,280 resistance occurs, Ethereum could even rise towards the USD 4,350 resistance. Any winnings could require a $4,500 test.
Are dips limited in ETH?
If Ethereum fails to clear the USD 4,085 resistance, it could initiate a downward correction. The initial downside support is near the USD 4,020 level.
The first major support is near the $3,965 zone or 100 hourly SMA. The next major support could be the $3,880 zone. A clear move below the USD 3,880 support could send the price towards USD 3,830. Any further losses could send the price towards the USD 3,740 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $3,965
Major resistance level – $4,085
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