Ethereum Price Recovers Above $4,050, Targets $4,350 Level
Ethereum's price is recovering, having moved above the $4,050 mark and showing potential for further growth towards $4,350.
- ETH has surpassed the $4,000 and $4,020 levels and trades above $4,050.
- A bullish trend line with support at $3,980 is forming on the hourly chart.
- If ETH exceeds $4,200, it could continue to rise.
Support and Resistance Levels
Ethereum established a base above $3,950, similar to Bitcoin, and recovered past $4,000. It cleared the 50% Fibonacci retracement from the $4,290 high to the $3,890 low.
The current trading level is above $4,100 and the 100-hourly Simple Moving Average. Resistance levels are found at $4,140 and $4,200, with a significant barrier at the $4,290 mark.
Breaking through $4,290 may lead ETH to reach $4,380 and potentially climb to $4,450 or $4,500.
Potential Decline
- If ETH fails to surpass $4,200, it might decline.
- Initial support is at $4,000, with major support at $3,880.
- A drop below $3,880 could push ETH to $3,820, with further downside to $3,750 or $3,640.
Technical Indicators
- MACD: Bullish momentum gaining.
- RSI: Above 50, indicating strength.
- Major Support Level: $4,000
- Major Resistance Level: $4,200