Ethereum started a fresh increase above $4,175 against the US Dollar. ETH could gain pace if there is a clear break above $4,300 in the near term.
Ethereum was able to climb above the $4,175 and $4,200 resistance levels.
The price is now trading above $4,200 and the 100 hourly simple moving average.
There is a major rising channel forming with support near $4,175 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its increase if it clears the $4,300 and $4,320 resistance levels.
Ethereum Price Could Rise Further
Ethereum started a fresh increase after it settled above the $4,050 level. ETH was able to clear the $4,750 resistance zone and the 100 hourly simple moving average.
Ether price even traded above the $4,250 resistance zone. A high was formed near $4,313 and the price is now consolidating gains. It traded below the $4,300 level. An immediate support is near the $4,260 level. The stated level is near the 23.6% Fib retracement level of the upward wave from the $4,091 swing low to $4,313 high.
There is also a major rising channel forming with support near $4,175 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,300 level.
The next major resistance is near the $4,320 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,400 level. Any more gains could lead the price towards the $4,550 level.
Dips Supported in ETH?
If ethereum fails to continue higher above the $4,300 and $4,320 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,260 level.
The first major support is near the $4,200 level. It is close to the 50% Fib retracement level of the upward wave from the $4,091 swing low to $4,313 high. The main support is near $4,175 and the channel trend line. Any more downsides could lead the price towards the $4,050 support. The next major support for the bulls is near the $4,000 level.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $4,175
Major Resistance Level – $4,320
