Ethereum Shows Strength – Bulls Aim Higher As ETH Eyes Potential Outperformance

Ethereum price started a fresh recovery above $4,120. ETH is now showing positive signs and might rise further toward the $4,400 ￰0￱ started a recovery wave above the $4,000 and $4,120 ￰1￱ price is trading above $4,120 and the 100-hourly Simple Moving ￰2￱ is a key bullish trend line forming with support at $4,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it trades above $4,320. Ethereum Price Gains Traction Ethereum price started a recovery wave above the $3,850 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 main drop from the $4,758 swing high to the $3,422 ￰5￱ bulls were able to push the price above the $4,200 pivot level.

Besides, there is a key bullish trend line forming with support at $4,150 on the hourly chart of ETH/USD. Ethereum price is now trading above $4,200 and the 100-hourly Simple Moving ￰6￱ the upside, the price could face resistance near the $4,250 ￰7￱ next key resistance is near the $4,400 ￰8￱ first major resistance is near the $4,440 level and the 76.4% Fib retracement level of the main drop from the $4,758 swing high to the $3,422 low. A clear move above the $4,400 resistance might send the price toward the $4,500 ￰9￱ upside break above the $4,500 region might call for more gains in the coming ￰10￱ the stated case, Ether could rise toward the $4,550 resistance zone or even $4,650 in the near ￰11￱ Decline In ETH?

If Ethereum fails to clear the $4,300 resistance, it could start a fresh ￰12￱ support on the downside is near the $4,150 level and the trend ￰13￱ first major support sits near the $4,120 zone. A clear move below the $4,120 support might push the price toward the $4,050 ￰14￱ more losses might send the price toward the $3,950 region in the near ￰15￱ next key support sits at $3,880. 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 – $4,150 Major Resistance Level – $4,300