Ethereum Pushes Higher – Will Bulls Overcome Resistance And Extend The Rally?

[Ben Graham]

Ethereum price started a recovery wave above $4,175. ETH is now consolidating and might aim for more gains if it clears the $4,240 resistance.

• Ethereum remained stable above $4,100 and started a recovery wave.
• The price is trading above $4,160 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $4,120 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it settles above $4,220 and $4,240.

Ethereum Price Eyes Upside Break

Ethereum price remained supported above the $4,050 level and started a recovery wave, like Bitcoin. ETH price was able to recover above the $4,150 and $4,200 resistance levels.

The price even spiked toward $4,240 before there was a minor pullback. The price is again rising from $4,095 and trading near the 50% Fib retracement level of the recent decline from the $4,237 swing high to the $4,093 low. Besides, there is a connecting bullish trend line forming with support at $4,120 on the hourly chart of ETH/USD.

Ethereum price is now trading above $4,160 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,200 level and the 76.4% Fib retracement level of the recent decline from the $4,237 swing high to the $4,093 low.

The next key resistance is near the $4,240 level. The first major resistance is near the $4,280 level. A clear move above the $4,280 resistance might send the price toward the $4,320 resistance. An upside break above the $4,320 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,450 resistance zone or even $4,500 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $4,200 resistance, it could start a fresh decline. Initial support on the downside is near the $4,120 level and the trend line. The first major support sits near the $4,095 zone.

A clear move below the $4,095 support might push the price toward the $4,020 support. Any more losses might send the price toward the $3,920 region in the near term. The next key support sits at $3,840.

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 – $4,120

Major Resistance Level – $4,240