TA: Ethereum Surges Above $4K, Why Dips Could Turn Attractive

Dec 15, 2021

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TA: Ethereum Surges Above $4K, Why Dips Could Turn Attractive

Originally posted here.
By: Aayush Jindal

Overview

Ethereum is up 5% and the bulls pumped the price above $4,000 against the US Dollar. ETH price could continue to rise if it stays above the $3,920 support. Ethereum gained pace for a move above the $3,850 and $3,920 resistance levels. The price is trading above $4,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $3,920 support and the 100 hourly SMA. Ethereum Price Gains Momentum Ethereum started a steady recovery wave above the $3,800 and $3,850 resistance levels. ETH was able to gain pace after there was a close above the $3,850 level. The bulls push the price above the 50% Fib retracement level of the key decline from the $4,175 swing high to $3,666 low. Besides, there was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD. Ether price is now trading above $4,000 and the 100 hourly simple moving average. It tested the $4,050 resistance zone. The stated resistance is near the 76.4% Fib retracement level of the key decline from the $4,175 swing high to $3,666 low. Source: ETHUSD on TradingView.com The next major resistance is near the $4,080 level. A clear move above the $4,080 level could start a fresh increase in the near term. The next stop for the bulls could be $4,150. A close above the $4,150 level may possibly spark a move towards the $4,250 level. In the stated case, it could even rise towards the $4,350 level. Dips Supported in ETH? If ethereum fails to start a fresh increase above the $4,050 level, it could start a downside correction. An initial support on the downside is near the $3,960 level. The key support is now forming near the $3,920 level and the 100 hourly simple moving average. If there is a clear break below the $3,920 support, the price could extend losses. The next major support is $3,880, below which the bears are likely to aim a test of $3,750. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is still well above the 50 level. Major Support Level – $3,920 Major Resistance Level – $4,050

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The Post

Ethereum is up 5% and the bulls pumped the price above $4,000 against the US Dollar. ETH price could continue to rise if it stays above the $3,920 support.

Ethereum gained pace for a move above the $3,850 and $3,920 resistance levels.

The price is trading above $4,000 and the 100 hourly simple moving average.

There was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh increase if it stays above the $3,920 support and the 100 hourly SMA.

Ethereum Price Gains Momentum

Ethereum started a steady recovery wave above the $3,800 and $3,850 resistance levels. ETH was able to gain pace after there was a close above the $3,850 level.

The bulls push the price above the 50% Fib retracement level of the key decline from the $4,175 swing high to $3,666 low. Besides, there was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD.

Have you seen this:
Ethereum About to See “Liftoff” if It’s Able to Hold One Crucial Level

Ether price is now trading above $4,000 and the 100 hourly simple moving average. It tested the $4,050 resistance zone. The stated resistance is near the 76.4% Fib retracement level of the key decline from the $4,175 swing high to $3,666 low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $4,080 level. A clear move above the $4,080 level could start a fresh increase in the near term. The next stop for the bulls could be $4,150. A close above the $4,150 level may possibly spark a move towards the $4,250 level. In the stated case, it could even rise towards the $4,350 level.

Dips Supported in ETH?

If ethereum fails to start a fresh increase above the $4,050 level, it could start a downside correction. An initial support on the downside is near the $3,960 level.

The key support is now forming near the $3,920 level and the 100 hourly simple moving average. If there is a clear break below the $3,920 support, the price could extend losses. The next major support is $3,880, below which the bears are likely to aim a test of $3,750.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still well above the 50 level.

Major Support Level – $3,920

Major Resistance Level – $4,050

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