- Ethereum price started a fresh increase from the $3,915 support against the US Dollar.
- ETH price is now trading above $4,300 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $4,480 on the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $4,500 resistance zone.
Ethereum price is showing positive signs above $3,300 against the US Dollar. ETH/USD could start a major increase if it manages to clear the $4,500 barrier.
Ethereum Price Analysis
After testing the $4,000 support, ethereum attempted a fresh increase against the US Dollar. ETH price gained pace above the $4,250 level and $4,300.
The price even broke the $4,350 level and the 55 simple moving average (4-hours). There was a clear break above the 50% Fib retracement level of the last decline from the $4,555 swing high to $3,915 low.
The price is now trading above the $4,400 level. ETH is also above the 76.4% Fib retracement level of the last decline from the $4,555 swing high to $3,915 low. An immediate resistance is near the $4,480 level. There is also a major bearish trend line forming with resistance near $4,480 on the 4-hours chart.
The main resistance is now forming near the $4,550 level. A close above the $4,550 level could open the doors for another increase. The next major resistance for the bulls might be near the $4,700 level.
The 1.236 Fib extension level of the last decline from the $4,555 swing high to $3,915 low is also near $4,700. The next stop for the bulls could be $5,000. An immediate support on the downside is near the $4,400 level.
The first major support is now near the $4,250 level and the 55 SMA. The next major support is near the $4,200 level, below which the price could test $4,000. Any more losses could lead the price towards $3,800.
Looking at the chart, Ethereum price is clearly trading above the $4,300 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase if it clears the $4,500 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $4,350, followed by the $4,250 zone.
Key Resistance$ Levels – $4,500 and $4,550.
