Ethereum Price Bounce Looks Promising – But Is This Rally Actually Real?

Ethereum price started a recovery wave above $4,050. ETH is now consolidating and might aim for more gains if it clears the $4,170 ￰0￱ remained stable above $3,820 and started a recovery ￰1￱ price is trading above $4,050 and the 100-hourly Simple Moving ￰2￱ was a break above a key bearish trend line with resistance at $4,000 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it settles above $4,170 and $4,200. Ethereum Price Recovers Ethereum price remained supported above the $3,820 level and started a recovery wave, like ￰3￱ price was able to recover above the $3,880 and $4,000 resistance ￰4￱ was a clear move above the 50% Fib retracement level of the downward wave from the $4,275 swing high to the $3,826 low.

Besides, there was a break above a key bearish trend line with resistance at $4,000 on the hourly chart of ETH/USD. Ethereum price is now trading above $4,050 and the 100-hourly Simple Moving ￰5￱ the upside, the price could face resistance near the $4,150 ￰6￱ next key resistance is near the $4,170 level or the 76.4% Fib retracement level of the downward wave from the $4,275 swing high to the $3,826 ￰7￱ first major resistance is near the $4,200 level. A clear move above the $4,200 resistance might send the price toward the $4,250 ￰8￱ upside break above the $4,250 region might call for more gains in the coming ￰9￱ the stated case, Ether could rise toward the $4,320 resistance zone or even $4,350 in the near ￰10￱ Decline In ETH?

If Ethereum fails to clear the $4,200 resistance, it could start a fresh ￰11￱ support on the downside is near the $4,050 ￰12￱ first major support sits near the $4,000 zone. A clear move below the $4,000 support might push the price toward the $3,920 ￰13￱ more losses might send the price toward the $3,880 region in the near ￰14￱ next key support sits at $3,820. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish ￰15￱ RSI – The RSI for ETH/USD is now above the 50 ￰16￱ Support Level – $4,050 Major Resistance Level – $4,200