Ethereum gained pace for a move above the $4,000 zone against the US Dollar. ETH price is showing positive signs ad could rally above $4,200.
- Ethereum was able to clear the $4,000 and $4,050 resistance levels.
- The price is trading well above $4,000 and the 100 hourly simple moving average.
- There was a break above a key contracting triangle with resistance near $3,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above $4,000 to continue higher in the near term.
Ethereum Price Regains Strength
Ethereum formed a base above the $3,900 level to start a fresh increase. ETH was able to surge above the $4,000 resistance zone and the 100 hourly simple moving average.
The bulls pumped the price above the $4,050 and $4,080 resistance levels. There was also a break above a key contracting triangle with resistance near $3,960 on the hourly chart of ETH/USD. A high was formed near $4,155 and the price started a downside correction.
There was a break below the $4,100 support level. Ether even declined below the 23.6% Fib retracement level of the recent increase from the $3,896 swing low to $4,155 high.
It is now trading well above $4,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $4,120 level. The next major resistance is near the $4,150 level. A clear upside break above the $4,150 level could push the price further higher in the near term.
Source: ETHUSD on TradingView.com
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…