Ethereum Price has found support near the $4,200 zone and launched a new surge. ETH is rising and may soon be aiming to move beyond the $4,620 zone.
- Ethereum has begun new increases above the $4,250 and $4,350 levels.
- The price is trading above $4,400, and is a simple moving average of 100 hours.
- A bullish trendline with $4,400 support will be formed on ETH/USD hourly charts (data feed via Kraken).
- The pair could begin to launch new increases if they remain supported beyond the $4,200 zone in the short term.
Ethereum prices will rise again
Ethereum prices have begun a new increase from the $4,150 support zone, beating Bitcoin. ETH prices were able to exceed the resistance levels of $4,320 and $4,350.
The Bulls pushed prices upwards than the $4,400 resistance zone. Finally, we tested the resistance zone, priced at $4,635. The high was formed at $4,634, and the price currently combines profits above the 23.6% FIB retracement level of upward movement from a swing of $4,171 to a height of $4,634.
Ethereum prices are currently trading above $4,400, a simple moving average of 100 hours. There is also a bullish trend line with $4,400 support on ETH/USD hourly charts.
The advantage is that the price could face resistance close to the $4,620 level. The next important resistance is close to the $4,650 level. The first major resistance is close to the $4,680 level. A clear move above the $4,680 resistance could turn the price towards the $4,750 resistance.
An upward break above the $4,750 resistance could require more profits in future sessions. If stated, ether could rise towards a $4,800 resistance zone, and even $4,840.
Is DIP supported by ETH?
If Ethereum fails to clear the $4,620 resistance, it could begin a negative side fix. The initial support for the downside is close to the $4,525 level. The first major support is near the $4,400 zone.
A clear move below $4,400 support could push the price up to $4,350 support. Any further losses could send prices towards a support level of $4,350 in the short term. The following key support is $4,250.
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $4,400
Major Resistance Levels – $4,620
