Ethereum prints bullish pattern why ETH $ 4.5K. could visit again


Ethereum is stable against the US dollar above the $ 4,250 pivot level. ETH could accelerate higher if there is a clear break above the USD 4,350 resistance zone.

  • Ethereum is trading in a bullish zone above the USD 4,200 level.
  • Price consolidates above $ 4,250 and the 100-hour simple moving average.
  • The ETH / USD hourly chart (data feed via Kraken) broke above a major contracting triangle with resistance near USD 4,270.
  • The pair could gain bullish momentum if there is a significant break above the USD 4,350 resistance zone.

Ethereum price rises

Ethereum formed a base above the USD 4,150 support level. ETH price started a steady recovery wave above the USD 4,200 resistance zone to move into a short-term positive zone.

The price broke the 50% fib retracement level of the downward move from the high of $ 4,386 to the low of $ 4,169. Also, the ETH / USD hourly chart broke through a major contracting triangle with resistance near $ 4,270.

The pair is consolidating above $ 4,250 and the 100-hour simple moving average. Initial resistance to the upside is near the $ 4,335 level.

The 76.4% Fib retracement level of the move down from the high of $ 4,386 to the low of $ 4,169 is also close to the $ 4,330 level. The first major resistance is near the $ 4,350 mark. A closing price above the $ 4,330 and $ 4,350 levels could trigger another spike in the short term.

Ethereum prints bullish pattern why ETH $ 4.5K.  could visit again

Source: ETHUSD on TradingView.com

In the case mentioned, the price could rise towards the USD 4,500 level. Further gains could move the price towards the breakout zone of $ 4,650 in the short term, where the bears are likely to take a stand.

Fresh drops at ETH?

If Ethereum can’t initiate a renewed spike above the $ 4,330 level, it could see another decline. Initial support on the downside is near the $ 4,270 mark.

The first major support is now forming near the USD 4,250 level and the 100 hour simple moving average. A break below the USD 4,250 support could push the price further down. In this case, the ether price can potentially decline towards the USD 4,150 support.

Technical indicators

Hourly MACDThe MACD for ETH / USD is losing pace in the upward zone.

Hourly RSIThe RSI for ETH / USD is now correcting downwards towards the 50 level.

Large support tier – $ 4,150

Great resistance level – $ 4,350

Ethereum prints bullish pattern why ETH $ 4.5K.  could visit again

About Cryptoplatforming.com

Cryptoplatforming.com is a news websites which gets news around the globe on investing in Crypto. Our news has no backgroundcheck.