Ethereum Price Sees Recovery Wave Above $4,000
Ethereum price has initiated a recovery wave above $4,000, facing key hurdles at $4,220 and $4,250 as it moves higher.
- Ethereum has started a fresh recovery above $4,000 and $4,120.
- The price is currently trading above $4,120 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $4,050 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair can trade above $4,220, it could continue moving up.
Ethereum price began a minor recovery wave above the $3,880 zone, similar to Bitcoin. ETH price has surpassed the $4,000 and $4,050 levels, entering a short-term positive zone.
The price even spiked above $4,220, forming a high at $4,225 and currently consolidating gains. Ethereum price is stable above the 23.6% Fib retracement level of the recent increase from the $3,708 swing low to the $4,225 high.
Currently trading above $4,150 and the 100-hourly Simple Moving Average, Ethereum also has a bullish trend line with support at $4,050 on the hourly chart of ETH/USD.
Resistance is expected near the $4,220 level, followed by key resistance at $4,250. The first major resistance lies at $4,320, with a clear move above this level potentially leading the price towards the $4,450 resistance. Further gains could see Ethereum rise towards the $4,500 or $4,550 resistance zones in the near term.
Potential Decline in ETH?
If Ethereum fails to surpass the $4,220 resistance, a fresh decline may occur. Initial support is near $4,150, with major support at the $4,120 zone.
A move below $4,120 could push the price towards $4,050 support, further losses potentially leading to the $4,000 region. The next key support level sits at $3,880.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD is showing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level: $4,120
Major Resistance Level: $4,220