ETHUSD Ethereum

Ethereum gained pace above the $4,250 resistance against the US Dollar. ETH could accelerate higher if there is a clear break above the $4,400 resistance zone. Ethereum is trading in a bullish zone above the $4,250 level. The price is now well above $4,250 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $4,070 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue higher if it stays above the $4,250 support level in the near term. Ethereum Price Starts Recovery Ethereum extended its decline below the $4,120 level. ETH tested the $4,000 support zone and recently started a steady recovery wave. There was a break above the $4,120 and $4,150 resistance levels. The bulls pumped the price above the 50% Fib retracement level of the downward move from the $4,552 swing high to $3,920 low. Besides, there was a break above a key bearish trend line with resistance near $4,070 on the hourly chart of ETH/USD. Ether price is now well above $4,250 and the 100 hourly simple moving average. An initial resistance on the upside is near the $4,380 level. The first major resistance is near the $4,400 level. Source: ETHUSD on TradingView.com The 76.4% Fib retracement level of the downward move from the $4,552 swing high to $3,920 low is also near the $4,400 level. A close above the $4,380 and $4,400 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,500 level. Any more gains could lift the price towards the $4,550 zone in the near term. Dips Limited in ETH? If ethereum fails to start a fresh increase above the $4,400 level, it could extend its downside correction. An initial support on the downside is near the $4,250 level. The first key support is now forming near the $4,200 level and the 100 hourly simple moving average. A downside break below the $4,200 support zone could spark a sharp decline. In the stated case, the price is likely to revisit the $4,000 support zone in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now correcting lower towards the 60 level. Major Support Level – $4,250 Major Resistance Level – $4,400