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 ￰0￱ started a recovery wave above the $4,000 and $4,020 ￰1￱ price is trading above $4,050 and the 100-hourly Simple Moving ￰2￱ 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 Holds Support Ethereum price started a recovery wave above the $3,950 level, like ￰3￱ price formed a base and was able to recover above the $4,000 ￰4￱ price cleared the 50% Fib retracement level of the recent decline from the $4,290 swing high to the $3,890 ￰5￱ 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 ￰6￱ the upside, the price could face resistance near the $4,140 ￰7￱ 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 ￰8￱ 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 ￰9￱ upside break above the $4,380 region might call for more gains in the coming ￰10￱ the stated case, Ether could rise toward the $4,450 resistance zone or even $4,500 in the near ￰11￱ Decline In ETH?

If Ethereum fails to clear the $4,200 resistance, it could start a fresh ￰12￱ support on the downside is near the $4,000 level and the trend ￰13￱ 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 ￰14￱ more losses might send the price toward the $3,750 region in the near ￰15￱ next key support sits at $3,640. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish ￰16￱ RSI – The RSI for ETH/USD is now above the 50 ￰17￱ Support Level – $4,000 Major Resistance Level – $4,200