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.
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.
Hourly MACD – The MACD for ETH / USD is losing pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is now correcting downwards towards the 50 level.
Large support tier – $ 4,150
Great resistance level – $ 4,350