- Ethereum price started a fresh increase above $4,000 against the US Dollar.
- ETH price is now trading above $4,000 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $4,120 the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh rally if it clears the $4,260 resistance zone.
Ethereum price is showing positive signs above $4,000 against the US Dollar. ETH/USD could gain pace above the $4,250 and $4,260 levels in the near term.
Ethereum Price Analysis
After forming a base above $3,500, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the $4,000 level and the 55 simple moving average (4-hours).
The price climbed above the $4,200 and $4,300 resistance levels. It even traded above the $4,350 level and formed a high near the $4,275. Recently, there was a downside correction below $4,200. However, downside were limited below $4,000.
A low was formed near $3,885 and the price is now rising. There was a break above the $4,100 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $4,375 swing high to $3,885 low.
An immediate resistance is near the $4,250 level. The main resistance is now forming near the $4,260 level. It is near the 76.4% Fib retracement level of the downward move from the $4,375 swing high to $3,885 low.
A close above the $4,260 level could open the doors for another increase. The next major resistance for the bulls might be near the $4,375 level. Any more gains could lead the price towards the $4,400 level. An immediate support on the downside is near the $4,150 level.
The first major support is now near the $4,100 level. There is also a major bullish trend line forming with support near $4,120 the 4-hours chart. The next major support is near the $4,000 level. If there is a downside break below the $4,100 and $4,000 support levels, the price could retest $3,800. Any more losses could lead the price towards $3,500.
Looking at the chart, Ethereum price is clearly trading above the $4,000 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh rally if it clears the $4,260 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $4,100, followed by the $4,000 zone.
Key Resistance$ Levels – $4,260 and $4,375.
