Ethereum Price Recovery Strong – Major Resistance Test Coming Next

[Ben Graham]

Ethereum price started a fresh increase above $4,520. ETH is now showing positive signs and might attempt to clear the $4,680 resistance.

• Ethereum is now recovering higher above the $4,550 zone.
• The price is trading above $4,580 and the 100-hourly Simple Moving Average.
• There was a break above a bearish trend line with resistance at $4,550 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it settles above $4,640 and $4,700.

Ethereum Price Eyes Steady Increase

Ethereum price extended losses below $4,550 before the bulls appeared, like Bitcoin. ETH price tested the $4,415 zone and recently started a recovery wave.

The price climbed above the $4,500 and $4,520 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $4,765 swing high to the $4,416 low. Besides, there was a break above a bearish trend line with resistance at $4,550 on the hourly chart of ETH/USD.

Ethereum price is now trading above $4,580 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,635 level or the 61.8% Fib retracement level of the downward move from the $4,765 swing high to the $4,416 low.

The next key resistance is near the $4,680 level. The first major resistance is near the $4,720 level. A clear move above the $4,720 resistance might send the price toward the $4,750 resistance. An upside break above the $4,750 hurdle might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,850 resistance zone or even $4,880 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $4,680 resistance, it could start a fresh decline. Initial support on the downside is near the $4,580 level. The first major support sits near the $4,535 zone.

A clear move below the $4,535 support might push the price toward the $4,500 support. Any more losses might send the price toward the $4,420 region in the near term. The next key support sits at $4,350.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $4,535

Major Resistance Level – $4,680