Ethereum Price Gearing For Another Lift-Off to $4K: Increase Isn’t Over Yet

Ethereum value is holding gains supra nan $3,500 zone. ETH could summation bullish momentum if it clears nan $3,680 guidance area successful nan adjacent term.

• Ethereum retested nan $3,450 and is presently moving higher.
• The value is trading supra $3,500 and nan 100-hourly Simple Moving Average.
• There was a break supra a cardinal bearish inclination statement pinch guidance astatine $3,540 connected nan hourly floor plan of ETH/USD (data provender via Kraken).
• The brace could summation bullish momentum if it settles supra nan $3,680 guidance zone.

Ethereum Price Eyes Fresh Increase

Ethereum value started different downside correction beneath nan $3,550 zone. ETH retested nan $3,450 area earlier nan bulls appeared, for illustration Bitcoin. A debased was formed adjacent $3,459 and nan value precocious climbed higher.

There was a move supra nan $3,520 guidance zone. The bulls pushed nan value supra nan 50% Fib retracement level of nan downward move from nan $3,680 plaything precocious to nan $3,459 low. There was besides a break supra a cardinal bearish inclination statement pinch guidance astatine $3,540 connected nan hourly floor plan of ETH/USD.

Ethereum is now trading supra $3,520 and nan 100-hourly Simple Moving Average. On nan upside, contiguous guidance is adjacent nan $3,600 level. The first awesome guidance is adjacent nan $3,630 level. It is adjacent nan 76.4% Fib retracement level of nan downward move from nan $3,680 plaything precocious to nan $3,459 low.

Source: ETHUSD connected TradingView.com

The adjacent cardinal guidance sits astatine $3,680, supra which nan value mightiness summation bullish momentum. In nan stated case, Ether could rally toward nan $3,800 level. If location is simply a move supra nan $3,880 resistance, Ethereum could moreover climb toward nan $3,920 resistance. Any much gains mightiness telephone for a trial of $4,000.

Another Decline In ETH?

If Ethereum fails to clear nan $3,630 resistance, it could commencement different decline. Initial support connected nan downside is adjacent nan $3,540 level.

The first awesome support is adjacent nan $3,480 zone. The adjacent cardinal support could beryllium nan $3,450 zone. A clear move beneath nan $3,450 support mightiness nonstop nan value toward $3,325. Any much losses mightiness nonstop nan value toward nan $3,250 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum successful nan bullish zone.

Hourly RSI – The RSI for ETH/USD is now supra nan 50 level.

Major Support Level – $3,450

Major Resistance Level – $3,680

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