Ethereum Price Surges Over 5% Aiming to Break $4,400 Resistance
The Ethereum price is experiencing a steady increase, currently consolidating above $4,320 and aiming for further gains if it surpasses the $4,400 resistance.
- Ethereum stabilized above $4,250, initiating a recovery wave.
- The price trades above $4,320 and the 100-hourly Simple Moving Average.
- A break occurred above a key contracting triangle with resistance at $4,180 on the ETH/USD hourly chart.
- Potential for continued upward movement exists if the price settles above $4,400 and $4,420.
Price Analysis
- Ethereum maintained support above $4,120 and saw a fresh increase, similar to Bitcoin.
- ETH climbed above $4,250 and $4,320 resistance levels.
- The recent high reached $4,400, with stability above the 23.6% Fib retracement from $4,093 to $4,400.
- Currently trading above $4,350 and the 100-hourly SMA, facing resistance around $4,400 and $4,420 levels.
Resistance Levels:
- $4,500 - A clear move above this could push the price toward $4,550.
- $4,650 - Breaking this region may lead to more gains, potentially reaching $4,720 or even $4,800.
Potential Decline
- If unable to clear $4,400, a decline could start.
- Initial support at $4,320; major support at $4,250.
- Breaking below $4,250 might bring the price to $4,200 or down to $4,120.
- Further losses may see support at $4,050.
Technical Indicators:
- Hourly MACD: Bullish momentum in ETH/USD.
- Hourly RSI: Above 50, indicating bullish conditions.
- Major Support Level: $4,320
- Major Resistance Level: $4,400