Ethereum is gaining pace above the $ 3,950 zone against the US Dollar. ETH price shows positive signs and bulls could target a further rise above $ 4,100
- Ethereum started a new rally and even broke the $ 4,000 resistance zone.
- The price is trading above $ 4,000 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $ 3,960 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair could accelerate higher above the $ 4,050 and $ 4,080 resistance levels.
Ethereum price gains pace
Ethereum started a steady recovery wave above the $ 3,850 and $ 3,880 resistance levels. ETH even surpassed the $ 4,000 level and the 100 hourly simple moving average.
During the rally, the price broke the 76.4% Fibonacci retracement level of the downward move from the $ 4,035 high to $ 3,750 low. Additionally, there was a breakout above a major downtrend line with resistance near $ 3,960 on the ETH / USD hourly chart.
The pair is now trading near the high of $ 4,035. It is trading above $ 4,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $ 4,050 level. The next major resistance is near the $ 4,100 level. It is close to the 1.236 Fib extension level of the downward move from the $ 4,035 high to $ 3,750 low.
Source: ETHUSD on TradingView.com
A clear move above the $ 4,100 level could see the price rise even higher in the near term. The next stop for the bulls could be $ 4,250. A close above the $ 4,250 level could possibly trigger a move towards the $ 4,350 level.
New dip in ETH?
If ethereum does not initiate a new rise above the $ 4,050 level, it could start a further decline. An initial support on the downside is near the $ 3,960 level.
The first key support is now forming near the $ 3,920 level and the 100 hourly simple moving average. If there is a clear break below the $ 3,920 support, the price could extend the losses. The next important support is at $ 3,850, below which there is a risk of a move towards the $ 3,750 level.
MACD per hour – The MACD for ETH / USD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is now above the 50 level.
Major Support Level – $ 3,920
Major Resistance Level – $ 4,100