Ethereum corrected lower from the $4,150 resistance zone against the US Dollar. ETH price is holding the $4,000 support and could start a fresh increase.

  • Ethereum is trading above the $4,000 and $4,050 support levels.
  • The price is trading above $4,040 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $4,100 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 Holds Key Support

Ethereum attempted an upside break above the $4,150 resistance zone but failed. ETH started a downside correction and traded below $4,100.

There was a break below the 23.6% Fib retracement level of the upward move from the $3,895 swing low to $4,155 high. The price even spiked below $4,050 and the 100 hourly simple moving average. However, the bulls remained active near the $4,000 level.

The 50% Fib retracement level of the upward move from the $3,895 swing low to $4,155 high also acted as a support. It is now rising and trading above the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $4,100 level. There is also a key bearish trend line forming with resistance near $4,100 on the hourly chart of ETH/USD. The next major resistance is near the $4,155 level. A clear upside break above the $4,155 level could start another major increase in the near term. In the stated case, the price could rise towards the $4,250 level. Any more gains could send the price towards the $4,350 level.

Dips…


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