Ethereum Price Targets $4,320 Resistance for Potential Upside Breakout
Ethereum is experiencing a recovery wave, moving above $4,150 and showing potential for further gains if it surpasses the $4,220 resistance.
- ETH maintained stability above $4,020 and initiated a recovery wave.
- The price is currently trading above $4,150 and the 100-hourly Simple Moving Average.
- A bullish trend line with support at $4,100 is forming on the ETH/USD hourly chart.
- If ETH settles above $4,220 and $4,250, it could continue its upward trajectory.
Key Points:
- The price surpassed the 61.8% Fib retracement level from the $4,275 high to the $3,826 low.
- Resistance levels are set at $4,220, $4,250, and potentially $4,275.
- An upside break above $4,320 may lead to gains towards $4,450 or $4,500.
- If unable to clear $4,250, ETH might decline, with supports at $4,150, $4,100, and possibly $4,050.
Technical Indicators:
- MACD: Gaining momentum in the bullish zone.
- RSI: Above 50, indicating bullish sentiment.
- Major Support Level: $4,100
- Major Resistance Level: $4,250