Ethereum hovers inside a bullish territory beyond $4,200 against the Dollar. The altcoin might kick-start a new surge if it overcomes $4,350, then $4,400 in the short term.
- Ethereum holds its gains beyond the support levels at $4,100 and $4,200.
- The altcoin now trades past $4,200 and the 100Hr SMA.
- However, the ETH/USD’s hourly chart indicates a massive contracting triangle building with support at $4,200 (Kraken data).
- The pair needs to clear the resistance at $4,400 for a new rally.
The previous trading actions saw ETH forming a base beyond the support levels at $4,120 and $4,100. The leading altcoin started a new surge beyond the resistance at $4,200 and 100Hr Simple Moving Average.
Moreover, ETH rallied beyond $4,300 before encountering the resistance located at $4,400. The coin created a high near $4,380 and seems to retrace for now. However, it broke under the level at $4,350. Ether maintained its actions under 23.6% Fibonacci retracement of the upside move to the $4,380 high from the swing low of $4,152.
For now, the alternative coin holds beyond the 100 hourly Simple Moving Average and $4,200. However, the ETH/USD hourly chart prints a massive contracting triangle with support at $4,220. The closest resistance on the upward is around the $4,350 and the chart’s contracting triangle.
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The next massive resistance locates at $4,400. Overpowering $4,400 might mean a push past $4,450 in the short term. Further upward price movements can have ETH hitting $4,550.
Price Dips Supported ETH
ETH has to rise past the resistance at $4,350 and $4,400 to avoid a down retracement. That way, it can explore the first downward support at $4,300. However, Ethereum’s first critical support is around the $4,250 mark.
It stands around the 50% Fibonacci retracement of the upward actions from the swing low of $4,152 to $4,380. Meanwhile, increasing downward momentum can see the alt breaching $4,200 to hit the support at $4,120. Bulls will have their next vital footing at $4,000, and breaking beneath it can mean massive declines.
Technical Indicators
- Hourly MACD- ETH/USD’s MACD gains pace within the bullish territory.
- Hourly RSI – the indicator is beyond the 50-mark.
- Support level – $4,200
- Resistance – $4,400
