Ethereum Pushes Higher – Will Bulls Overcome Resistance And Extend The Rally?

Ethereum price started a recovery wave above $4,175. ETH is now consolidating and might aim for more gains if it clears the $4,240 ￰0￱ remained stable above $4,100 and started a recovery ￰1￱ price is trading above $4,160 and the 100-hourly Simple Moving ￰2￱ is a connecting bullish trend line forming with support at $4,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it settles above $4,220 and $4,240. Ethereum Price Eyes Upside Break Ethereum price remained supported above the $4,050 level and started a recovery wave, like ￰3￱ price was able to recover above the $4,150 and $4,200 resistance ￰4￱ price even spiked toward $4,240 before there was a minor ￰5￱ price is again rising from $4,095 and trading near the 50% Fib retracement level of the recent decline from the $4,237 swing high to the $4,093 low.

Besides, there is a connecting bullish trend line forming with support at $4,120 on the hourly chart of ETH/USD. Ethereum price is now trading above $4,160 and the 100-hourly Simple Moving ￰6￱ the upside, the price could face resistance near the $4,200 level and the 76.4% Fib retracement level of the recent decline from the $4,237 swing high to the $4,093 ￰7￱ next key resistance is near the $4,240 ￰8￱ first major resistance is near the $4,280 level. A clear move above the $4,280 resistance might send the price toward the $4,320 ￰9￱ upside break above the $4,320 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 $4,120 level and the trend ￰13￱ first major support sits near the $4,095 zone. A clear move below the $4,095 support might push the price toward the $4,020 ￰14￱ more losses might send the price toward the $3,920 region in the near ￰15￱ next key support sits at $3,840. 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 – $4,120 Major Resistance Level – $4,240