Ethereum gains momentum above $4,000. According to technical analysis by NewsBTC’s Aayush Jindal, ETH is showing some positive signs that it could rise above $4,200.
Ethereum Regains Its Power
Ethereum started a fresh rise and managed to climb above the $4,000 resistance area and the 100 hourly simple moving average. The bulls pushed the price above the $4,050 and $4,080 resistance levels. There was also a break above a key contracting triangle formation with resistance near $3,960 on the hourly chart of ETH/USD. 4. It settled as high as $155 and the price started a downside correction.
However, ETH is currently trading well above $4,000 and the 100 hourly simple moving average. An immediate upside resistance is near the $4,120 level. The next major resistance is near the $4,150 level. 4. A clear upside break above the $150 level could push the price higher in the near term.
The bulls’ next stop could be $4,200, above which the price could rally to $4,250. Any further gains could send the price towards the $4,320 level.
Will Ethereum Drop?
According to Jindal, if Ethereum fails to start a fresh rise above the $4.150 level, it could correct further. An initial support on the downside is near the $4,050 level. An initial key support is currently formed near the $4,020 level. The 50% Fib retracement level of the rise from the $3,896 high to $4,155 high is also near the $4,020 area. A downside break below the $4,020 and $4,000 levels could push the price towards the $3,920 level.
What Do Technical Indicators Say?
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now above the 50 level.
- Main Support Level – $4,020
- Main Resistance Level – $4.150