TA: Ethereum Smashes $4K, Why ETH Is Not Done Yet
Ethereum extended its rally and it traded to a new all-time high above $4,000 against the US Dollar. ETH price is showing a lot of positive signs and it is likely to climb above $4,100.
- Ethereum extended its rally above $3,900 and it traded to a new all-time high near $4,030.
- The price is now trading well above $3,950 and the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near $3,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher towards the $4,100 and $4,150 resistance levels.
Ethereum Price Rallies Further
Ethereum remained well supported above the $3,750 zone. The last swing low was formed near $3,722 before ETH price started a fresh increase. It outpaced bitcoin and it broke the $3,900 resistance to start a fresh rally.
It even climbed above the $3,950 level and a connecting bearish trend line on the hourly chart. The pair extended its rally above $4,000 and it traded to a new all-time high near $4,030. Ether price is now trading well above $3,950 and the 100 hourly simple moving average.
The current price action is very positive, with an immediate resistance at $4,050. It is close to the 1.236 Fib extension level of the downward move from the $3,985 high to $3,722 low.
Source: ETHUSD on TradingView.com
The first major resistance is near the $4,150 level. It represents the 1.618 Fib extension level of the downward move from the $3,985 high to $3,722 low. Any more gains could set the pace for a strong upward move towards the $4,200 and $4,250 levels in the near term. The next major stop for the bulls may possibly be $4,500.
Dips Supported in ETH?
If Ethereum fails to continue higher towards $4,150, it could start a downside correction. An initial support on the downside is near the $3,950 level.
The first key support is near the $3,920 level. There is also a crucial bullish trend line forming with support near $3,920 on the hourly chart of ETH/USD. If there is a downside break below the trend line, the pair could dive towards the $3,800 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is well above the 60 level.
Major Support Level – $3,920
Major Resistance Level – $4,150
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, @KhareemSudlow
