The bulls managed to keep the Ethereum cryptocurrency above the $3.900 level. Ethereum (ETH) managed to rise above the $4.000 resistance zone and the 100 hourly simple moving average.
Buying strength pushed the price up above the $4.050 and $4.080 resistance levels. A rally formed near $4.155 and the price began a bearish correction.
There was a break below the $4.100 support level. Ether still dipped below the 23,6% Fib retracement level from the recent rise from $3.896 on the swing low to $4.150 on the high.
O ETH price it is now trading well above $4.000 and the 100 hourly simple moving average. Immediate resistance at the top is near the $4.150 level. The next major resistance is near the $4.200 level. A clear bullish break above the $4.150 level could push the price even higher in the short term.
The next stop for the Ethereum cryptocurrency could be $4.200, above which the price could rise to $4.250. Any additional winnings may send the price down to the $4.320 level.
However, if the ethereum fails to initiate a new rise above the $4.150 level, the bears may try to correct the price down. Initial support on the downside is near the $4.050 level. First key support is now forming near the $4.000 level.
Fib's 50% retracement level from the recent rise of $3.900 at the oscillating low to $4.155 at the high is also near the $4.020 zone. A break below the $4.020 and $4.000 levels could push the price to the $3.920 level.
Technical Indicators
- Main support level – $4.020 and $3.920.
- Major resistance level – $4.150 and $4.200.
