Ethereum Looks Ready – Key Support Holds As Bulls Aim Fresh Upside Push

Ethereum price started a fresh recovery above $4,050. ETH is now showing positive signs and might rise further toward the $4,350 level.

• Ethereum started a recovery wave above the $4,000 and $4,020 levels.
• The price is trading above $4,050 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $3,980 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it trades above $4,200.

Ethereum price started a recovery wave above the $3,950 level, like Bitcoin. ETH price formed a base and was able to recover above the $4,000 level.

The price cleared the 50% Fib retracement level of the recent decline from the $4,290 swing high to the $3,890 low. The bulls were able to push the price above the $4,120 pivot level. Besides, there is a key bullish trend line forming with support at $3,980 on the hourly chart of ETH/USD.

Ethereum price is now trading above $4,100 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,140 level. The next key resistance is near the $4,200 level and the 76.4% Fib retracement level of the recent decline from the $4,290 swing high to the $3,890 low.

The first major resistance is near the $4,290 level. A clear move above the $4,290 resistance might send the price toward the $4,380 resistance. An upside break above the $4,380 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.

If Ethereum fails to clear the $4,200 resistance, it could start a fresh decline. Initial support on the downside is near the $4,000 level and the trend line. The first major support sits near the $3,880 zone.

A clear move below the $3,880 support might push the price toward the $3,820 support. Any more losses might send the price toward the $3,750 region in the near term. The next key support sits at $3,640.

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 – $4,000

Major Resistance Level – $4,200