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Ethereum picked up pace to move above the $ 4,000 zone against the US Dollar. ETH price shows positive signs that the announcement could rise above $ 4,200.

  • Ethereum was able to clear the $ 4,000 and $ 4,050 resistance levels.
  • The price is trading well above $ 4,000 and the 100 hourly simple moving average.
  • There was a break above a key trading triangle with resistance near $ 3,960 on the hourly chart of ETH / USD (data feed via Kraken).
  • The pair must stay above $ 4,000 to continue higher in the near term.

Ethereum price regains strength

Ethereum formed a base above the $ 3,900 level to start a new surge. ETH was able to break above the $ 4,000 resistance zone and the 100 hourly simple moving average.

The bulls pushed the price above the $ 4,050 and $ 4,080 resistance levels. There was also a break above a key trading triangle with resistance near $ 3,960 on the hourly chart of ETH / USD. A high was formed near $ 4,155 and the price started a downward correction.

There was a break below the $ 4,100 support level. Ether even declined below the 23.6% Fib retracement level of the recent surge from the low of $ 3,896 to the high of $ 4,155.

It is now trading well above $ 4,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $ 4,120 level. The next major resistance is near the $ 4,150 level. A clear break to the upside above the $ 4,150 level could push the price even further in the near term.

Ethereum Price

Source: ETHUSD on TradingView.com

The next stop for the bulls could be $ 4,200, above which the price could climb to $ 4,250. More gains could send the price towards the $ 4,320 level.

Dips Limited on ETH?

If ethereum does not initiate a new surge above the $ 4,150 level, it could correct it lower. An initial support on the downside is near the $ 4,050 level. The first key support is now forming near the $ 4,020 level.

The 50% Fib retracement level of the recent rally from the $ 3,896 low to $ 4,155 high is also close to the $ 4,020 zone. A break to the downside below the $ 4,020 and $ 4,000 levels could push the price towards the $ 3,920 level.

Technical indicators

MACD per hourThe MACD for ETH / USD is gaining momentum in the bullish zone.

RSI per hourThe RSI for ETH / USD is now above the 50 level.

Major Support Level – $ 4,020

Major Resistance Level – $ 4,150

Source: https://www.newsbtc.com/analysis/eth/ethereum-holds-strong-at-4000/

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