Ethereum price started a recovery wave above $4,000. ETH is rising but faces a couple of key hurdles near $4,220 and $4,250.
- Ethereum started a new recovery above $4,000 and $4,120.
- The price is trading above $4,120 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $4,050 on the hourly chart of ETH/USD (data via Kraken).
- The pair could continue to rise if it trades above $4,220.
Ethereum Price Eyes Steady Gains
Ethereum price started a small recovery wave above the $3,880 zone, like Bitcoin. ETH price surpassed the $4,000 and $4,050 levels to enter a short-term positive zone.
The price even skyrocketed above $4,220. A high was formed at $4,225 and the price is now consolidating gains. The price is stable above the 23.6% Fibonacci retracement level of the recent rise from the low of $3,708 to the high of $4,225.
Ethereum price is now trading above $4,150 and the 100 hourly simple moving average. Furthermore, a bullish trend line is forming with support at $4,050 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $4,220 level. The next key resistance is near the $4,250 level. The first major resistance is near the $4,320 level. A clear move above the $4,320 resistance could send the price towards the $4,450 resistance. A bullish break above the $4,450 region could call for more gains in the coming sessions. In the indicated case, Ether could rise towards the resistance zone of $4,500 or even $4,550 in the short term.
Another drop in ETH?
If Ethereum fails to overcome the $4,220 resistance, it could start a new decline. Initial support on the downside is near the $4,150 level. The first major support lies near the $4,120 area.
A clear move below the $4,120 support could push the price towards the $4,050 support. Any further losses could send the price towards the $4,000 region in the near term. The next key support lies at $3,880.
Technical Indicators
MACD hourly – 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.
Main Support Level: $4,120
Main Resistance Level: $4220
