Ethereum price has crossed the USD 4,000 resistance zone. ETH is now consolidating gains and could extend gains 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.
- A short-term breakout pattern is forming with resistance at $4,060 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its rise if it crosses the $4,080 resistance zone.
Ethereum price reclaims $4K
Ethereum’s price remained well above the $3,880 level and extended its gains, as did Bitcoin. ETH was able to clear the key resistance at $4,000 to move further into a positive zone.
The price rose above the $4,000 level. It traded to a new multi-month high above $4,000 and recently entered a consolidation phase. There was a pullback below the USD 4,050 level. The price tested the 23.6% Fib retracement level of the recent rise 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. A short-term breakout pattern is also forming with resistance at $4,060 on the hourly chart of ETH/USD.
If the pair remains above the USD 4,000 level, it could attempt another rise. The immediate resistance on the upside is near the $4,060 level. The first major resistance is around the $4,080 level.
Source: ETHUSD on TradingView.com
The next major resistance is near USD 4,120, above which the price could gain bullish momentum. In the mentioned case, Ether could rise towards the USD 4,220 level. If a move above the USD 4,220 resistance occurs, Ethereum could even rise towards the USD 4,300 resistance. Any gains could require a $4,350 test.
Are dips supported in ETH?
If Ethereum fails to clear the USD 4,060 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 $3,950 zone or the 50% Fib retracement level of the recent rise from the $3,820 swing low to the $4,088 high. The next major support could be the $3,920 zone. A clear move below the USD 3,920 support could send the price towards USD 3,880. Any further losses could send the price towards the USD 3,780 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – 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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