Ethereum is showing the first signs of a new rally slowly moving near the $ 4000 zone and the US dollar. ETH price is showing positive signs but needs to cross the USD 4100 price range for an upward move. So let’s read more in today’s Ethereum news.
Ethereum started another spike and topped the $ 4000 resistance zone, with the price trading above $ 4020 and the 100-hour simple moving average. There was also a fresh break above the major bearish trendline with resistance near $ 4,020 on the pair’s hourly charts which must cross $ 4,100 to shoot higher.
Source ETHUSD on TradingView.com
Ethereum began a fresh surge above the USD 3950 and USD 3980 resistance levels, with the price even climbing above the USD 4020 level and the 100-hour simple moving average. The pair’s hourly charts also broke above the major bearish trendline near the resistance at $ 4,200. The pair has traded as high as $ 4,075 and is consolidating gains above the 23.6% fib retracement level from rising from $ 3,750 to a high of $ 44,075. It’s still trading above $ 4,020 and the 100-hour simple moving average, with a bullish trend forming on the charts near these levels.
Immediate upside resistance is near $ 4080 with a new major resistance near $ 4100. The sharp break above these levels could push the price higher, but the next stop for the bulls could be set at $ 4200, above which the price could move to $ 4250. Further gains could push the price to a level of $ 4,350. Ethereum is showing the first signs of a new rally, but if it doesn’t initiate a new surge above the USD 4080 level, it could initiate a new downward correction. Initial downside support is near the $ 4020 level with the first major support forming near the $ 3950 level and a simple 100 hour moving average.
Heat map for the cryptocurrency market. Source Quantifying Crypto
The next big support is near the $ 3920 level and near the 50% fib retracement level of the recent surge from the $ 3750 low to the $ 4075 high. If it breaks below the USD 3920 support, the price could add to its losses. The hourly MACD for the pair is picking up pace in the bullish territory while the hourly RSI for the pair is above the 50 level. The main support level is at $ 3920 while the resistance level is at $ 4100.
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