Ethereum is still above the $4,250 support against the US Dollar. ETH price could stage a strong rally if it clears the $4,450 resistance zone in the near term.
- Ethereum is stable and supported above the $4,200 and $4,250 levels.
- The price is now trading above $4,300 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $4,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh rally if it clears the key $4,450 resistance zone.
Ethereum Price Remains Supported
Ethereum consolidated in a range above $4,100 and $4,200 levels. ETH climbed above the $4,400 level, but it is still struggling to clear a confluence resistance near $4,450.
The recent high was formed near $4,456 and it is now consolidating gains. Ether is now trading above $4,300 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $4,320 on the hourly chart of ETH/USD.
The price is trading nicely above the 23.6% Fib retracement level of the recent wave from the $3,900 swing low to $4,456 high. An initial resistance on the upside is near the $4,400 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the $4,420 level. The next major hurdle is near the $4,450 level. A clear break and close above the $4,450 level could stage a steady increase in the near term. In the stated case, the price could drift towards the $4,600 level in the near term.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the $4,450 level, it could extend its…