Ethereum Shows Strength – Traders Eye Breakout That Could Trigger Bigger Gains

Ethereum price started a recovery wave above $4,150. ETH is now consolidating and might aim for more gains if it clears the $4,220 ￰0￱ remained stable above $4,020 and started a recovery ￰1￱ price is trading above $4,150 and the 100-hourly Simple Moving ￰2￱ is a connecting bullish trend line forming with support at $4,100 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 $4,250. Ethereum Price Eyes More Gains Ethereum price remained supported above the $4,020 level and started a recovery wave, like ￰3￱ price was able to recover above the $4,050 and $4,120 resistance ￰4￱ was a clear move above the 61.8% Fib retracement level of the downward wave from the $4,275 swing high to the $3,826 ￰5￱ bulls even pushed the price above $4,200.

Besides, there is a connecting bullish trend line forming with support at $4,100 on the hourly chart of ETH/USD. Ethereum price is now trading above $4,150 and the 100-hourly Simple Moving ￰6￱ is also above the 76.4% Fib retracement level of the downward wave from the $4,275 swing high to the $3,826 ￰7￱ the upside, the price could face resistance near the $4,220 ￰8￱ next key resistance is near the $4,250 ￰9￱ first major resistance is near the $4,275 level. A clear move above the $4,275 resistance might send the price toward the $4,320 ￰10￱ upside break above the $4,320 region might call for more gains in the coming ￰11￱ the stated case, Ether could rise toward the $4,450 resistance zone or even $4,500 in the near ￰12￱ In ETH?

If Ethereum fails to clear the $4,250 resistance, it could start a fresh ￰13￱ support on the downside is near the $4,150 ￰14￱ first major support sits near the $4,100 zone and the trend line. A clear move below the $4,100 support might push the price toward the $4,050 ￰15￱ more losses might send the price toward the $4,000 region in the near ￰16￱ next key support sits at $3,880. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish ￰17￱ RSI – The RSI for ETH/USD is now above the 50 ￰18￱ Support Level – $4,100 Major Resistance Level – $4,250