Ethereum Surges Past $4,100 – Are Bulls Ready For The Next Big Leg?

Ethereum price started a fresh recovery above $4,000. ETH is now showing positive signs but faces a major resistance near the $4,250 ￰0￱ started a recovery wave above the $4,000 and $4,100 ￰1￱ price is trading above $4,150 and the 100-hourly Simple Moving ￰2￱ was a break above a key bearish trend line with resistance at $4,100 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it trades above $4,250. Ethereum Price Starts Recovery Ethereum price started a recovery wave after a massive selloff below $3,800, 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 sharp decline from the $4,758 swing high to the $3,423 low.

Besides, there was a break above a key bearish trend line with resistance at $4,100 on the hourly chart of ETH/USD. Ethereum price is now trading above $4,150 and the 100-hourly Simple Moving ￰5￱ the upside, the price could face resistance near the $4,200 ￰6￱ next key resistance is near the $4,250 level and the 61.8% Fib retracement level of the sharp decline from the $4,758 swing high to the $3,423 ￰7￱ first major resistance is near the $4,320 level. A clear move above the $4,320 resistance might send the price toward the $4,400 ￰8￱ upside break above the $4,400 region might call for more gains in the coming ￰9￱ the stated case, Ether could rise toward the $4,450 resistance zone or even $4,500 in the near ￰10￱ Decline In ETH?

If Ethereum fails to clear the $4,250 resistance, it could start a fresh ￰11￱ support on the downside is near the $4,120 ￰12￱ first major support sits near the $4,100 zone. A clear move below the $4,100 support might push the price toward the $4,020 ￰13￱ more losses might send the price toward the $3,950 region in the near ￰14￱ next key support sits at $3,880. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish ￰15￱ RSI – The RSI for ETH/USD is now above the 50 ￰16￱ Support Level – $4,020 Major Resistance Level – $4,250