Ethereum recovers after attempting $3,964 bottom. According to technical analysis by Aayush Jindal, Ethereum, which has regained $4,100, needs to break $4,175 to start a fresh rise:
- Ethereum corrected below the $4,200 and $4,175 support levels.
- Price is now trading above $4,050 and the 100 hourly simple moving average.
- The pair could start a fresh increase if it surpasses the $4,200 and $4,175 support levels.
There is a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD (data from Kraken).
Ethereum Price May Rise
Ethereum started a recovery wave after forming a bottom at $3,964. There was a break above the $4.050 level and the 100 hourly simple moving average. The price climbed above $4,100, but it is facing resistance near the $4,175 and $4,200 levels. 4. A high was formed near $155 and the price is now consolidating.
An immediate support is near the $4,100 level. This is 23% of the upward move from $3,964 to $4,155. Close to 6 Fib retracement level.
4. The $200 Level Is Important
There is also a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,175 level. The next major resistance is near the $4,200 level, where the price could start a fresh rally. This could lead the price towards the $4,320 level.
Will Ethereum Drop?
According to Jindal, if Ethereum fails to continue higher above the $4,175 and $4,200 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,080 level. An initial key support is now forming near the $4,050 level. This is close to the 50% Fib retracement level of the upward move from the $3,964 low to $4,155 high. The main support is near the $4,000 level. Any further decline could lead the price towards the $3,920 support.
What Do Technical Indicators Say?
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $4,000
Main Resistance Level – $4,200