Ethereum About to See “Liftoff” if It’s Able to Hold One Crucial Level
Originally posted here.
By: Aayush Jindal
Overview
Ethereum gained pace above the $4,250 resistance zone against the US Dollar. ETH must stay above $4,150 to accelerate higher in the near term. Ethereum started a recovery wave above the $4,000 and $4,250 resistance levels. The price is now trading above $4,150 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $4,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rally if it stays above $4,150 and the 100 hourly SMA. Ethereum Price Gains Momentum Ethereum found support near $3,350 and started a fresh increase. ETH gained pace for a move above the $3,800 and $3,880 resistance levels. It even broke the $4,000 level and the 100 hourly simple moving average. Besides, the price climbed above the 50% Fib retracement level of the key decline from the $4,660 swing high to $3,327 low. There was also a break above a key bearish trend line with resistance near $4,150 on the hourly chart of ETH/USD. The pair is now trading above $4,150 and the 100 hourly simple moving average. It is consolidating near the $4,350 resistance zone and the 76.4% Fib retracement level of the key decline from the $4,660 swing high to $3,327 low. Source: ETHUSD on TradingView.com An initial resistance on the upside is near the $4,380 level. The first major resistance is near the $4,400 level. The next major hurdle is near the $4,550 level. A clear move above the $4,550 could send the price further higher. In the stated case, the price could drift towards the $4,700 level in the near term. Dips Limited in ETH? If ethereum fails to start a fresh increase above the $4,400 level, it could start a downside correction. An initial support on the downside is near the $4,300 level. The key support is now forming near the $4,150 level and the 100 hourly simple moving average. If there is a clear break below the $4,150 support, the price could accelerate lower. The next major breakdown support is $4,000, below which the price could decline towards $3,850. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now well above the 50 level. Major Support Level – $4,150 Major Resistance Level – $4,400
The Post
Ethereum gained pace above the $4,250 resistance zone against the US Dollar. ETH must stay above $4,150 to accelerate higher in the near term.
Ethereum started a recovery wave above the $4,000 and $4,250 resistance levels.
The price is now trading above $4,150 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $4,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally if it stays above $4,150 and the 100 hourly SMA.
Ethereum Price Gains Momentum
Ethereum found support near $3,350 and started a fresh increase. ETH gained pace for a move above the $3,800 and $3,880 resistance levels. It even broke the $4,000 level and the 100 hourly simple moving average.
Besides, the price climbed above the 50% Fib retracement level of the key decline from the $4,660 swing high to $3,327 low. There was also a break above a key bearish trend line with resistance near $4,150 on the hourly chart of ETH/USD.
The pair is now trading above $4,150 and the 100 hourly simple moving average. It is consolidating near the $4,350 resistance zone and the 76.4% Fib retracement level of the key decline from the $4,660 swing high to $3,327 low.
Source: ETHUSD on TradingView.com
An initial resistance on the upside is near the $4,380 level. The first major resistance is near the $4,400 level. The next major hurdle is near the $4,550 level. A clear move above the $4,550 could send the price further higher. In the stated case, the price could drift towards the $4,700 level in the near term.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the $4,400 level, it could start a downside correction. An initial support on the downside is near the $4,300 level.
The key support is now forming near the $4,150 level and the 100 hourly simple moving average. If there is a clear break below the $4,150 support, the price could accelerate lower. The next major breakdown support is $4,000, below which the price could decline towards $3,850.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $4,150
Major Resistance Level – $4,400