Ethereum price found support near the $3,950 zone and started a fresh surge. ETH is rising and might soon aim for a move above the $4,320 zone.
Ethereum started a fresh increase above the $3,880 and $4,150 levels.
The price is trading above $4,100 and the 100-hourly Simple Moving Average.
There is a bullish trend line forming with support at $4,250 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it remains supported above the $4,150 zone in the near term.
Ethereum Price Eyes Fresh Surge
Ethereum price started a fresh increase from the $3,950 support zone, beating Bitcoin. ETH price was able to recover above the $4,000 and $4,250 resistance levels.
The bulls even pushed the price above the $4,300 resistance zone. Finally, the price tested the $4,360 resistance zone. A high was formed at $4,362 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,545 swing low to the $4,362 high.
Ethereum price is now trading above $4,200 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $4,250 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $4,320 level. The next key resistance is near the $4,350 level. The first major resistance is near the $4,400 level. A clear move above the $4,400 resistance might send the price toward the $4,500 resistance.
An upside break above the $4,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,550 resistance zone or even $4,650 in the near term.
Are Dips Limited In ETH?
If Ethereum fails to clear the $4,320 resistance, it could start a downside correction. Initial support on the downside is near the $4,250 level. The first major support sits near the $4,200 zone.
A clear move below the $4,200 support might push the price toward the $4,120 support. Any more losses might send the price toward the $4,050 support level in the near term. The next key support sits at $4,000.
Technical Indicators
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 zone.
Major Support Level – $4,150
Major Resistance Level – $4,320
