Ethereum’s Price Continues to Rising
Ethereum began to rise steadily over the $3,950 and $3,980 barrier levels. ETH has even surpassed the $4,020 mark and the 100 hourly simple moving average.
Furthermore, on the hourly chart of ETH/USD, there was a breach beyond a crucial negative trend line with resistance above $4,020. The pair reached a high of $4,075 and is now holding advances over the 23.6 percent Fib retracement line of the latest climb from the $3,750 swing low to the $4,075 high.
It is still higher than $4,020 as well as the 100 hourly simple moving average. On a similar graph, a linking bullish trend line is developing with support at $4,020. On the upswing, an early resistance is approaching $4,080. The next significant obstacle is at $4,100.
A clean breach beyond $4,100 might send the price much higher in the short term. The bulls’ following obstacle might be $4,200, after which the price could surge to $4,250. Any further rises might push the price up to $4,350.
Dips in ETH Are Constrained?
ETH/USD 1 DAY PRICE CHART: SOURCE – COINMARKETCAP.COM
If ethereum misses beginning a new upward trend over $4,080, it may begin a new downward trend. On the downward, an early support level is at $4,020. The initial major support is presently building between $3,950 and the 100 hourly simple moving average.
The following significant support level is at $3,920. It is nearing the 50% Fib retracement level of the latest rise from the $3,750 swung down to the $4,075 high. If there is a definite breach underneath the $3,920 support, the price may continue to fall.
Determinants of Technical Performance
Hourly MACD – The ETH/USD MACD is moving towards the positive zone.
Hourly RSI – The RSI for ETH/USD has risen beyond the 50-point mark.
$3,920 for Major Support
$4,100 is the major resistance level.