Ethereum is still above the $ 4,250 support against the US dollar. ETH price could see a strong rally if it breaks the USD 4,450 resistance zone in the short term.
- Ethereum is stable and is supported above the $ 4,200 and $ 4,250 levels.
- The price is now trading above $ 4,300 and the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 4,320.
- The pair could start a new rally if it breaks the key resistance zone of $ 4,450.
Ethereum pricing continues to be supported
Ethereum consolidated in a range of over $ 4,100 and $ 4,200. ETH climbed above the $ 4,400 mark but is still struggling to overcome a confluence resistance near $ 4,450.
The recent high was made at $ 4,456 and is now consolidating gains. Ether is now trading above $ 4,300 and the 100-hour simple moving average. A major bullish trendline is also forming on the hourly chart of ETH / USD with support near USD 4,320.
The price is trading well above the 23.6% fib retracement level of the recent wave, from the low of $ 3,900 to the high of $ 4,456. Initial resistance to the upside is near the $ 4,400 mark.
Source: ETHUSD on TradingView.com
The first major resistance is near the $ 4,420 level. The next big hurdle is near the $ 4,450 mark. A clear break and close above the $ 4,450 mark could result in a steady rise in the short term. In the aforementioned case, the price could drift towards the $ 4,600 mark in the short term.
Dips Limited at ETH?
Unless Ethereum starts another spike above the $ 4,450 mark, it could extend its downward correction. Initial support on the downside is near $ 4,325. The main support is now forming near the $ 4,320 level and the 100 hour simple moving average.
If there is a significant break below the USD 4,320 support, the price could prolong losses. The next big break support is $ 4,200 or the 50% fib retracement level of the recent wave from the $ 3,900 low to the $ 4,456 high, below which the price could fall towards $ 4,000.
Technical indicators
Hourly MACD – The MACD for ETH / USD is gaining pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is near the 50 mark.
Great level of support – $ 4,200
Great resistance level – $ 4,450
