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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Ethereum
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TA: Ethereum Show Positive Signs, Why ETH Could Outperform Bitcoin

Aayush Jindal by Aayush Jindal
2 years ago
in ETH
Reading Time: 2 mins read

Ethereum remained stable above $4,050 against the US Dollar. ETH could gain bullish momentum once it clears the $4,325 and $4,350 resistance levels.

  • Ethereum is showing a few positive signs above the $4,200 level.
  • The price is now trading above $4,200 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $4,205 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend gains if there is a clear break above the $4,350 resistance zone.

Ethereum Price Is Recovering

Ethereum remained strong above the $4,050 support level, unlike bitcoin. ETH price formed a base and started a steady recovery wave above the $4,120 resistance zone.

There was a clear break above the $4,200 resistance zone and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $4,205 on the hourly chart of ETH/USD.

The pair climbed higher above the $4,300 resistance zone and formed a high near $4,386. It is now correcting gains below the $4,300 level. There was a break below the 23.6% Fib retracement level of the upward move from the $4,026 swing low to $4,386 high.

Ethereum Price

Source: ETHUSD on TradingView.com

Ether price is now trading above $4,200 and the 100 hourly simple moving average. An initial resistance on the upside is near the $4,300 level.

The first major resistance is near the $4,350 level. A close above the $4,300 and $4,350 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,450 level. Any more gains could lift the price towards the $4,500 barrier in the near term.

Fresh Drop in ETH?

If ethereum fails to start a fresh increase above the $4,350 level, it could start a fresh decline. An initial support on the downside is near the $4,220 level. There is also a connecting bullish trend line near $4,220 on the same chart.

The first key support is now forming near the $4,200 level. It is close to the 50% Fib retracement level of the upward move from the $4,026 swing low to $4,386 high. A downside break below the $4,200 support might push the price further lower.

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 near the 50 level.

Major Support Level – $4,200

Major Resistance Level – $4,350

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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