Ethereum price started a fresh recovery above $4,120. ETH is now showing positive signs and might rise further toward the $4,400 level.
- Ethereum started a recovery wave above the $4,000 and $4,120 levels.
- The price is trading above $4,120 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $4,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it trades above $4,320.
Ethereum Price Gains Traction
Ethereum price started a recovery wave above the $3,850 level, like Bitcoin. ETH price formed a base and was able to recover above the $4,000 level.
The price cleared the 50% Fib retracement level of the main drop from the $4,758 swing high to the $3,422 low. The bulls were able to push the price above the $4,200 pivot level. Besides, there is a key bullish trend line forming with support at $4,150 on the hourly chart of ETH/USD.
Ethereum price is now trading above $4,200 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,250 level. The next key resistance is near the $4,400 level.
The first major resistance is near the $4,440 level and the 76.4% Fib retracement level of the main drop from the $4,758 swing high to the $3,422 low. A clear move above the $4,400 resistance might send the price toward the $4,500 resistance. An upside break above the $4,500 region 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.
Another Decline In ETH?
If Ethereum fails to clear the $4,300 resistance, it could start a fresh decline. Initial support on the downside is near the $4,150 level and the trend line. The first major support sits near the $4,120 zone.
A clear move below the $4,120 support might push the price toward the $4,050 support. Any more losses might send the price toward the $3,950 region in the near term. The next key support sits at $3,880.
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 – $4,300
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