Ethereum price started a recovery wave above $4,000. ETH is moving higher but faces a couple of key hurdles near $4,220 and $4,250.
* Ethereum started a fresh recovery above $4,000 and $4,120.
* The price is trading above $4,120 and the 100-hourly Simple Moving Average.
* There is a bullish trend line forming with support at $4,050 on the hourly chart of ETH/USD (data feed via Kraken).
* The pair could continue to move up if it trades above $4,220.
Ethereum Price Eyes Steady Gains
Ethereum price started a minor recovery wave above the $3,880 zone, like Bitcoin. ETH price surpassed the $4,000 and $4,050 levels to enter a short-term positive zone.
The price even spiked above $4,220. A high was formed at $4,225 and the price is now consolidating gains. The 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.
Ethereum price is now trading above $4,150 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $4,050 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $4,220 level. The next key resistance is near the $4,250 level. The first major resistance is near the $4,320 level. A clear move above the $4,320 resistance might send the price toward the $4,450 resistance. An upside break above the $4,450 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,500 resistance zone or even $4,550 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $4,220 resistance, it could start a fresh decline. Initial support on the downside is near the $4,150 level. The first major support sits near the $4,120 zone.
A clear move below the $4,120 support might push the price toward the $4,050 support. Any more losses might send the price toward the $4,000 region in the near term. The next key support sits at $3,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $4,120
Major Resistance Level – $4,220
