thereum corrected lower from the $4,150 resistance zone against the US Dollar. ETH price is holding the $4,000 support and could start a fresh increase.
Ethereum is trading above the $4,000 and $4,050 support levels.
The price is trading above $4,040 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $4,100 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above $4,000 to continue higher in the near term.
Ethereum Price Holds Key Support
Ethereum attempted an upside break above the $4,150 resistance zone but failed. ETH started a downside correction and traded below $4,100.
There was a break below the 23.6% Fib retracement level of the upward move from the $3,895 swing low to $4,155 high. The price even spiked below $4,050 and the 100 hourly simple moving average. However, the bulls remained active near the $4,000 level.
The 50% Fib retracement level of the upward move from the $3,895 swing low to $4,155 high also acted as a support. It is now rising and trading above the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $4,100 level. There is also a key bearish trend line forming with resistance near $4,100 on the hourly chart of ETH/USD. The next major resistance is near the $4,155 level. A clear upside break above the $4,155 level could start another major increase in the near term. In the stated case, the price could rise towards the $4,250 level. 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 $4,100 level, it could correct further lower. An initial support on the downside is near the $4,040 level and the 100 hourly SMA.
The first key support is now forming near the $4,000 level. A downside break below the $4,040 and $4,000 levels could put a lot of pressure on the bulls. In the stated case, the price could decline towards the $3,920 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $4,000
Major Resistance Level – $4,155
by Aayush Jindal
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