Ethereum Price Dips Attractive As Bulls Aim For Move Above $4,200

Ethereum price is consolidating near the $4,000 zone. ETH is again moving higher as the bulls seem to be aiming for a move above the $4,200 level.

  • Ethereum traded to a new multi-month high above $4,080 before correcting lower.
  • The price is trading above $4,000 and the 100-hourly Simple Moving Average.
  • There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its increase if it clears the $4,085 resistance zone.

Ethereum Price Regains Strength

Ethereum price spiked above the $4,000 resistance zone, like Bitcoin. ETH traded to a new multi-month high above $4,050 before there was a downside correction.

The price declined below the $4,000 level, but the bulls were active near the $3,850 zone. A low was formed at $3,830 and the price is now rising. There was a move above the $4,000 resistance. The price cleared the 50% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low.

Ethereum price is now trading above $4,000 and the 100-hourly Simple Moving Average. There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD.

It is now showing positive signs above the 76.4% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low. If the pair stays above the $4,020 level, it could attempt another increase. Immediate resistance on the upside is near the $4,085 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $4,120 level. The next major resistance is near $4,150, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,280 level. If there is a move above the $4,280 resistance, Ethereum could even rise toward the $4,350 resistance. Any more gains might call for a test of $4,500.

Are Dips Limited In ETH?

If Ethereum fails to clear the $4,085 resistance, it could start a downside correction. Initial support on the downside is near the $4,020 level.

The first major support is near the $3,965 zone or 100 hourly SMA. The next key support could be the $3,880 zone. A clear move below the $3,880 support might send the price toward $3,830. Any more losses might send the price toward the $3,740 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,965

Major Resistance Level – $4,085

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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