Ethereum Price Surges Above $4,000 Resistance
The price of Ethereum (ETH) experienced a significant surge and broke above the key resistance level of $4,000, following in the footsteps of Bitcoin. ETH reached a new multi-month high above $4,050 before undergoing a minor correction.
After dropping below the $4,000 mark, the bulls quickly intervened and prevented further decline near the $3,850 zone. A low was formed at $3,830 and the price has since started to rise again. ETH managed to break through the $4,000 resistance level and also cleared a key contracting triangle with resistance at $4,025 on its hourly chart.
Positive Signs for Ethereum Price
Ethereum is currently displaying positive signs as it trades above both the $4,000 mark and the 100-hourly Simple Moving Average. Additionally, it has surpassed the 76.4% Fibonacci retracement level of its recent decline from the swing high of $4,088 to the low of $3,830.
If ETH manages to stay above the $4,020 level, it could potentially attempt another increase. The immediate resistance on the upside is around $4,085. If this level is successfully cleared, Ethereum may experience a significant rally towards the $4,280 resistance level. Further gains might even lead to a test of $4,350 and possibly even reach as high as $4,500.
Are Dips Limited in ETH?
However, if Ethereum fails to break through the resistance at $4,085, it could trigger a downside correction. The initial support on the downside can be found near the $4,020 level.
If further decline occurs, the first major support lies around the $3,965 zone or the 100-hourly SMA. The next key support level would be around $3,880. A clear move below this support level might result in a price drop towards $3,830. Any additional losses could push the price towards the $3,740 level.
Technical Indicators
The hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential increase in price. Additionally, the hourly RSI for ETH/USD is now above the 50 level, further supporting the positive outlook for Ethereum.
Overall, Ethereum has shown significant strength by surpassing the $4,000 resistance level and maintaining its position above it. The next major resistance levels are at $4,120 and $4,150. If Ethereum manages to break through these levels, it could experience a strong bullish momentum and potentially reach new highs.
Disclaimer: The information provided here does not constitute investment advice or financial advice.
Hot Take: Ethereum Price Breaks Through $4,000 Resistance Level
Ethereum has successfully broken through the key resistance level of $4,000 and is currently trading above it. This surge follows Bitcoinโs upward movement and indicates positive sentiment in the cryptocurrency market. The price of Ethereum reached a multi-month high above $4,050 before undergoing a minor correction.
Despite the correction, Ethereum has displayed strength by bouncing back and surpassing the $4,000 mark once again. It is currently trading above the 100-hourly Simple Moving Average and has cleared a key contracting triangle on its chart. These positive signs suggest that Ethereum may continue its upward movement.
If Ethereum can maintain its position above $4,020 and successfully break through the resistance at $4,085, it could experience a significant rally towards higher resistance levels. On the other hand, if it fails to break through the resistance, a downside correction may occur.
Overall, the future of Ethereumโs price movement remains uncertain, but its recent surge above $4,000 indicates strength and potential for further gains.
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