Ethereum started a new spike and traded against the US dollar at a new all-time high above $ 4,250. The ETH price is now showing signs of further upward movement towards USD 4,500.
- Ethereum found support near $ 3,700 and hit a new all-time high near $ 4,280.
- The price is trading well above $ 4,200 and the simple moving average of 100 hours.
- On the hourly chart of ETH / USD (data feed via Kraken) there was a break above a large contraction triangle with resistance near USD 4,045.
- The pair is likely to continue rising towards the $ 4,350 and $ 4,500 levels.
Ethereum Price continues rally
After falling sharply, Ethereum found support above the USD 3,600 zone. ETH formed a base above the $ 3,700 level and started a new spike. There was a significant break above the $ 4,000 resistance level.
There was also a break above a large contraction triangle with resistance near USD 4,045 on the ETH / USD hourly chart. The bulls broke the 76.4% fib retracement level of the important decline from the swing high of $ 4,215 to the swing low of $ 3,500.
Ether is now trading well above $ 4,200 and the 100-hour simple moving average. It erased the latest swing high and traded to a new all-time high near $ 4,280. Current price action suggests high opportunities for further gains above the $ 4,300 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the $ 4,380 level. It is near the 1,236 Fib expansion level of the key decline from a swing high of $ 4,215 to a swing low of $ 3,500.
A significant break above the $ 4,380 level could set the pace for a larger move. The next target for the bulls could potentially be near the $ 4,500 level.
Dips Limited at ETH?
Unless Ethereum continues to climb towards $ 4,380, it could initiate another downward correction. Initial support on the downside is near the USD 4,210 level (the most recent breakout zone).
The first major support is near the USD 4,150 level. The main support is now forming near the $ 4,000 level. If there is a downside break below the $ 4,000 zone, the price could fall towards the $ 3,700 support.
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 well above the 60 level.
Main support tier – $ 4,150
Main Resistance Level – $ 4,380
