Ethereum started a new high above the $4.150 and $4.250 resistance levels. ETH even broke the $4.350 resistance and established well above the 100 hour simple moving average.
The price rose above $4.400 and reached $4.426. Ether price fell below the 23,6% Fib retracement level from the recent rise from $3.901 at the swinging low to $4.426 at the high.
However, buying strength was strong near the $4.250 level and the 100-hour simple moving average. Now ETH is rising and trading above $4.400.
There was a break above a key contracting triangle with resistance near $4.310. Initial positive resistance is near the $4.450 level. The next big hurdle is near the $4.520 level.
A clear move above $4.450 could send the price even higher. Making the price can reach the level of $4.550 in the short term.
Bulls need to push ETH!
If the ethereum cryptocurrency does not initiate a new high above the $4.450 level, it may extend its bearish correction. Initial support on the downside is near the $4.300 level. Key support is now forming near the $4.250 level and the 100 hour simple moving average.
If there is a clear break below the $4.250 support, the price could continue to fall. The next big breakout support is $4.150 or the 50% Fib retracement level of the recent rise that started from $3.901 at the low to $4.426 at the high, the break of the $4.150 support should bring the price down to $4.000.
Technical Indicators
Main Support Level - $4.250
Major Resistance Level - $4.520
