- Ethereum price started a fresh increase from the $3,650 support against the US Dollar.
- ETH price is now trading above $4,200 and near the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $4,400 on the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh rally if it clears the $4,400 resistance zone.
Ethereum price is showing positive signs above $4,000 against the US Dollar. ETH/USD could start a major increase if it manages to clear the $4,400 barrier.
Ethereum Price Analysis
Recently, ethereum saw a major decline from well above $4,200 against the US Dollar. ETH price traded below the $4,000 support and declined over 10%.
There was also a move below the $3,800 level and the 55 simple moving average (4-hours). A low was formed near $3,575 before the price started a fresh increase. The price recovered above the $4,000 resistance level.
Besides, there was a clear break above the 50% Fib retracement level of the last decline from the $4,784 swing high to $3,575 low. The price is now trading above the $4,200 level. An immediate resistance is near the $4,350 level and the 55 simple moving average (4-hours).
It is close to the 61.8% Fib retracement level of the last decline from the $4,784 swing high to $3,575 low. There is also a key bearish trend line forming with resistance near $4,400 on the 4-hours chart.
A close above the $4,400 level could open the doors for another increase. The next major resistance for the bulls might be near the $4,650 level. An immediate support on the downside is near the $4,250 level. The first major support is now near the $4,100 level.
The next major support is near the $4,000 level, below which the price could test $3,800. Any more losses could lead the price towards $3,550.
Looking at the chart, Ethereum price is clearly trading above the $4,200 zone and near the 55 simple moving average (4-hours). Overall, ether price could start a fresh rally if it clears the $4,400 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 – $4,200, followed by the $4,000 zone.
Key Resistance$ Levels – $4,400 and $4,550.
