- Ethereum price is moving higher above the $4,000 resistance against the US Dollar.
- ETH price is now trading above $4,000 and the 55 simple moving average (4 hours).
- There is a key rising channel forming with support near $3,880 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $3,880 support zone.
Ethereum price is rising above the $4,000 level against the US Dollar. ETH/USD could rise further if it clears the $4,080 resistance zone.
Ethereum Price Analysis
In the past few sessions, Ethereum saw a decent increase above the $3,650 level against the US Dollar. ETH price was able to gain pace for a move above the $3,800 level and the 55 simple moving average (4 hours).
The bulls even pushed the price above the $4,000 resistance zone. A high is formed near $4,091 and the price is now consolidating gains. It is trading above the $4,000 level. It is also above the 23.6% Fib retracement level of the upward wave from the $3,205 swing low to the $4,091 high.
Ether price is showing positive signs above $3,800 and the 55 simple moving average (4 hours). There is also a key rising channel forming with support near $3,880 on the 4-hour chart.
Immediate resistance on the upside is near the $4,080 level. The next major resistance is near the $4,120 zone. A clear move above the $4,120 level could send the price toward $4,250. Any more gains could even send the price toward the $4,400 resistance zone or $4,500 in the near term.
On the downside, initial support is near the $3,920 level. The next major support is now near the $3,880 level, below which the price might test $3,740.
A break below the $3,740 support could push the price to $3,650 or the 50% Fib retracement level of the upward wave from the $3,205 swing low to the $4,091 high. Any more losses could lead the price towards $3,500.
Looking at the chart, Ethereum’s price is trading above the $4,000 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $3,880 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $3,880, followed by the $3,740 zone.
Key Resistance$ Levels – $4,080 and $4,250.
