Ethereum (ETH) Tightens Grip Past 4K, Suggesting More Upside
- ETH managed to conquer the resistance levels of $4,000 and $4,050.
- The alt trades well beyond the 100-Hr Simple Moving Average and $4,000 mark.
- The ETH/USD hour chart showed a break past a vital contracting triangle with $3,960 resistance (Kraken data feed).
- The pair has to maintain above $4,000 for continuous upward moves in the short term.
The leading alt Ether saw a steady climb past $4,000. Ethereum shows optimistic signals and might surge above the vital level of $4,200.
Ethereum Regains Momentum
Ethereum (ETH) launched another upside rally after forming a base beyond $3,900. The alternative coin climbed past the resistance point of $4,000 and the 100Hr Simple Moving Average. Meanwhile, Ether bulls pushed the price past the hurdles of $4,051 and $4,081. Moreover, Ethereum broker passed a vital contracting triangle with a resistance of $3,960 on ETH/USD’s hourly chart. The alt formed a high around $4,156, and the token began a downward retracement.
The downside correction saw Ethereum losing the support at $4,100. The coin even dropped under the 23.6% Fibonacci retracement area of the latest surge from a swing low of $3,896 to $4,155. For now, the leading alternative token trades well beyond the $4,000 mark and the 100Hr SMA. The nearest upward resistance stands at around $4,120. The following critical resistance stands at $4,150. A decisive break beyond the price levels of $4,150 might see Ether surging further in the short term.
ETH bulls might have their next stop at $4,200, beyond which Ether will surge towards $4,250. Further upward price actions from here with seeing Ethereum headed to $4,325.
Ethereum Dips Limited?
If Ether fails to launch another surge past the $4,150 area, it might encounter corrections. The first support floor to the downside sat at $4,050, while the initial critical footing now forms around $4,020. The 50% Fibonacci retracement of the latest surge to $4,156 from $3,896 also stands around $4,020. A downward move to breach the $4,020 and $4K levels might push the altcoin lower to $3,920.
ETH Technical Indicators
- ETH/USD MACD gains momentum in the bullish area.
- Hourly RSI stands beyond the 50 mark.
- Crucial Support – $4,020
- Critical Resistance – $4,150
