- Ethereum price started a fresh increase above $4,200 against the US Dollar.
- ETH price is now trading above $4,200 and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $4,350 on the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh rally if it clears the $4,350 resistance zone.
Ethereum price is showing positive signs above $4,200 against the US Dollar. ETH/USD could gain pace above the $4,350 and $4,400 levels in the near term.
Ethereum Price Analysis
After forming a base above $3,850, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the $4,200 level and the 55 simple moving average (4-hours).
The price climbed above the $4,250 and $4,350 resistance levels. It even traded above the $4,400 level and formed a high near $4,461. Recently, there was a downside correction below $4,400. There was a break below the 23.6% Fib retracement level of the upward move from the $3,899 swing low to $4,461 high.
However, the price is stable above the $4,200 level and the 55 simple moving average (4-hours). An immediate support on the downside is near the $4,280 level.
The first major support is now near the $4,250 level. There is also a major contracting triangle forming with resistance near $4,350 on the 4-hours chart. The next major support is near the $4,200 level. If there is a downside break below the $4,250 and $4,200 support levels, the price could retest $4,000.
Any more losses could lead the price towards $3,850. An immediate resistance is near the $4,340 level. The main resistance is now forming near the $4,350 level. A close above the $4,350 level could open the doors for another increase.
The next major resistance for the bulls might be near the $4,400 level. Any more gains could lead the price towards the $4,450 level.
Looking at the chart, Ethereum price is clearly trading above the $4,200 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh rally if it clears the $4,350 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 – $4,250, followed by the $4,200 zone.
Key Resistance$ Levels – $4,350 and $4,400.
