Ethereum Rallies Above $4K, Why Rally Isn’t Over Yet

Ethereum

Ethereum followed bitcoin and rallied above the $4,000 resistance versus the United States Dollar. ETH is correcting gains, but the bulls could remain active near $4,000.

  • Ethereum began a fresh boost above the $3,880 and $4,000 resistance levels.
  • The price is now trading above $4,000 and the 100 hourly simple moving average.
  • There was a break above a significant bearish pattern line with resistance near $3,810 on the per hour chart of ETH/USD (information feed through Kraken).
  • The pair is correcting gains, but there are many supports near $4,050 and $4,000.

Ethereum Price Rally Could Extend

Ethereum began a fresh boost above the $3,880 resistance zone. ETH gained pace after it broke the $3,900 resistance zone and the 100 hourly simple moving average.

There was likewise a break above a significant bearish pattern line with resistance near $3,810 on the per hour chart of ETH/USD. The pair cleared the $4,000 barrier to move further into a positive zone. It even spiked above $4,200 and formed a high near $4,240.

Ether rate is now remedying lower and trading listed below $4,200. It is trading listed below $4,200, with an instant assistance at $4,100. The stated level is near the 23.6% Fib retracement level of the recent wave from the $3,740 swing low to $4,240 high.

An instant resistance on the benefit is near the $4,200 level. The next major resistance is near the $4,240 level, above which the price might start a fresh rally. In the mentioned case, the rate may increase towards the $4,320 level. The next significant stop for the bulls might perhaps be near the $4,400 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $4,200 and $4,220 resistance levels, it could start a fresh downside correction. An preliminary assistance on the disadvantage is near the $4,100 level.

The first key support is now forming near the $4,000 level. It is close to the 50% Fib retracement level of the recent wave from the $3,740 swing low to $4,240 high. Any more drawbacks might lead the rate towards the $3,920 assistance and the 100 per hour SMA. The next essential assistance is near $3,800.

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 above the 60 level.

Major Support Level – $4,000

Major Resistance Level – $4,240

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