Ethereum price started a steady increase above $4,320. ETH is now consolidating and might aim for more gains if it clears the $4,400 resistance.
- Ethereum remained stable above $4,250 and started a recovery wave.
- The price is trading above $4,320 and the 100-hourly Simple Moving Average.
- There was a break above a key contracting triangle with resistance at $4,180 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it settles above $4,400 and $4,420.
Ethereum Price Gains Over 5%
Ethereum price remained supported above the $4,120 level and started a fresh increase, like Bitcoin. ETH price was able to climb above the $4,250 and $4,320 resistance levels.
Besides, there was a break above a key contracting triangle with resistance at $4,180 on the hourly chart of ETH/USD. The price even spiked toward $4,400 and might continue to rise. A high is formed at $4,400 and the price is still stable above the 23.6% Fib retracement level of the recent upward move from the $4,093 swing low to the $4,400 high.
Ethereum price is now trading above $4,350 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,400 level. The next key resistance is near the $4,420 level.
The first major resistance is near the $4,500 level. A clear move above the $4,500 resistance might send the price toward the $4,550 resistance. An upside break above the $4,650 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,720 resistance zone or even $4,800 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $4,400 resistance, it could start a fresh decline. Initial support on the downside is near the $4,320 level. The first major support sits near the $4,250 zone.
A clear move below the $4,250 support might push the price toward the $4,200 support. Any more losses might send the price toward the $4,120 region in the near term. The next key support sits at $4,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $4,320
Major Resistance Level – $4,400
