Ethereum gained pace above the $4,350 resistance against the US Dollar. ETH could accelerate higher if there is a clear break above the $4,550 resistance zone.
Ethereum Price Extends Gains
Ethereum extended increase above the $4,350 resistance level. ETH price even broke the $4,440 level and settled well above the 100 hourly simple moving average.
There was a steady increase and the even climbed above $4,500. A high was formed near $4,552 and the price is now correcting lower. It traded below the $4,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $4,169 swing low to $4,552 high.
Ether price is now well above $4,250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $4,360 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An initial resistance on the upside is near the $4,500 level. The first major resistance is near the $4,550 level. A close above the $4,500 and $4,550 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,620 level. Any more gains could lift the price towards the $4,750 zone in the near term.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the $4,500 level, it could extend its downside correction. An initial support on the downside is near the $4,400 level.
The first key support is now forming near the $4,350 level, the trend line, and the 100 hourly simple moving average. The trend line is near the 50% Fib retracement level of the upward move from the $4,169 swing low to $4,552 high. A downside break below the trend line could lead the price towards the $4,250 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now correcting lower towards the 40 level.
Major Support Level – $4,350
Major Resistance Level – $4,550
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