By Shelly Melancon (Switzerland)
Ethereum faces resistance at the $4,250 level against the dollar. Meanwhile, the leading alt has to maintain beyond $4,000 for short-term steady surges.
- Ethereum began recovery after a massive plummet beneath $4,000.
- ETH trades beneath $4,250 and the 100Hr Simple Moving Average.
- The ETH/USD hourly chart shows a vital bullish trend-line emerging with support around $4,150 (data from Kraken).
- The pair requires a sturdy break past $4,250 and the 100Hr Simple Moving Average for a dependable recovery rally.
ETH Recovers Latest Losses
Ethereum began a massive fall after breaching the support floor at $4,250. The leading alternative coin broker the support levels at $4,000 and $3,800. Ethereum dropped towards $3,327 lows before starting an upward move recently.
The upward mode saw ETH cracking the resistance zones at $4,000 and $3,800. It even surged higher beyond the 50% Fibonacci retracement area of the latest decline from the swing high at $4,662 to $3,327. Nevertheless, the currency still wavers beneath $4,250 and 100Hr Simple Moving Average.
Besides that, the ETH/USD hourly chart shows a critical bullish trend-line emerging with a support floor near $4,150. An immediate resistance within the upward path stands at $4,200. Meanwhile, the first massive resistance was around $4,250.
Ethereum will encounter the next massive obstacle at $4,350. This level is around 76.4% Fibonacci retracement of the latest fall from $4,662 to the low at $3,327.
A clear price move past the value areas of $4,250 and $4,350 might send ETH to higher price levels. That can see the alt exploring the resistance at $4,500. Further gains from here will witness Ethereum hitting the obstacle near $4,650 in the short term.
Further ETH Drops?
If ETH fails to trigger a new surge past $4,250, market participants can witness it plunging further. With that, Ethereum can touch the initial downward support at $4,150 and its trend-line. Meanwhile, a fall to breach $4,150 will translate to extended declines. In such a move, the alt may fall to $4,000. Breaching the support floor at $3,820 will have ETH wavering at $3,650.
ETH Technical Indicators
- Hourly MACD – ETH/USD’s MACD gains momentum within a bullish zone.
- Hourly RSI – The indicator stands beyond the 50-level.
- Support – $4,150
- Resistance – $4,250
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