TA: Ethereum Prints Bullish Pattern, Why ETH Could Revisit $4.5K

Aayush Jindal

1 year ago

2 mins read

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Ethereum is stable above the $4,250 pivot level against the US Dollar. ETH could accelerate higher if there is a clear break above the $4,350 resistance zone.

Ethereum is trading in a bullish zone above the $4,200 level.
The price is consolidating above $4,250 and the 100 hourly simple moving average.
There was a break above a key contracting triangle with resistance near $4,270 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a clear break above the $4,350 resistance zone.

Ethereum Price Is Rising

Ethereum formed a base above the $4,150 support level. ETH price started a steady recovery wave above the $4,200 resistance zone to move into short-term positive zone.

The price was able to clear the 50% Fib retracement level of the downward move from the $4,386 swing high to $4,169 low. Besides, there was a break above a key contracting triangle with resistance near $4,270 on the hourly chart of ETH/USD.

The pair is consolidating above $4,250 and the 100 hourly simple moving average. An initial resistance on the upside is near the $4,335 level.

The 76.4% Fib retracement level of the downward move from the $4,386 swing high to $4,169 low is also near the $4,330 level. The first major resistance is near the $4,350 level. A close above the $4,330 and $4,350 levels could start a fresh increase in the near term.

Source: ETHUSD on TradingView.com

In the stated case, the price might rise towards the $4,500 level. Any more gains could lift the price towards the $4,650 breakout zone in the near term, where the bears are likely to take a stand.

Fresh Drop in ETH?

If ethereum fails to start a fresh increase above the $4,330 level, it could start a fresh decline. An initial support on the downside is near the $4,270 level.

The first key support is now forming near the $4,250 level and the 100 hourly simple moving average. A downside break below the $4,250 support might push the price further lower. In this case, ether price may perhaps decline towards the $4,150 support.

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 50 level.

Major Support Level – $4,150

Major Resistance Level – $4,350

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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