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Ethereum

TA: Ethereum is Showing Early Signs of Fresh Rally, But $4,100 is the Key

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

Ethereum is gaining pace above the $4,000 zone against the US Dollar. ETH price is showing positive signs, but it must clear $4,100 for a strong upward move.

  • Ethereum started a fresh increase and surpassed the $4,000 resistance zone.
  • The price is trading above $4,020 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $4,020 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $4,100 to accelerate higher in the near term.

Ethereum Price Extends Recovery

Ethereum started a steady increase above the $3,950 and $3,980 resistance levels. ETH even climbed above the $4,020 level and the 100 hourly simple moving average.

Besides, there was a break above a key bearish trend line with resistance near $4,020 on the hourly chart of ETH/USD. The pair traded as high as $4,075 and is currently consolidating gains above the 23.6% Fib retracement level of the recent increase from the $3,750 swing low to $4,075 high.

It is still trading above $4,020 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $4,020 on the same chart. An immediate resistance on the upside is near the $4,080 level. The next major resistance is near the $4,100 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear upside break above the $4,100 level could push the price further higher in the near term. The next stop for the bulls could be $4,200, above which the price could rise to $4,250. Any more gains could send the price towards the $4,350 level.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,080 level, it could start a fresh downside correction. An initial support on the downside is near the $4,020 level. The first key support is now forming near the $3,950 level and the 100 hourly simple moving average.

The next major support is near $3,920. It is close to the 50% Fib retracement level of the recent increase from the $3,750 swing low to $4,075 high. If there is a clear break below the $3,920 support, the price could extend losses.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,920

Major Resistance Level – $4,100

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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