Ethereum Price Analysis: ETH Could Rally If It Clears $4K
Ethereum price is recovering above $3,900 against the US Dollar. ETH/USD could start a steady increase if there is a clear move above $4,000.
Ethereum Price Analysis
Recently, ethereum saw a fresh decline from well above $4,000 against the US Dollar. ETH price traded below the $4,000 support and moved into a bearish zone.
There was also a move below the $3,720 level and the 55 simple moving average (4-hours). A low was formed near $3,660 and the price is now correcting losses. The price recovered above the $3,800 resistance level. There was a move above the 23.6% Fib retracement level of the key decline from the $4,490 swing high to $3,660 low.
The price is now facing resistance near the $3,950 level. It is trading just above $3,900 and near the 55 simple moving average (4-hours).
There is also a crucial bearish trend line forming with resistance near $3,980 on the 4-hours chart. Any more gains could send the price towards the $4,080 level. It is near the 50% Fib retracement level of the key decline from the $4,490 swing high to $3,660 low.
The next major stop for the bulls could be near the $4,200 level. An immediate support on the downside is near the $3,880 level. The first major support is now near the $3,750 level. The next major support is near the $3,660 level, below which the price could test $3,500. Any more losses could lead the price towards $3,200.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading just above the $3,900 zone and the 55 simple moving average (4-hours). Overall, ether price could start a major increase if there is a clear break above $3,980 and $4,000.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly 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 $3,660 zone.
Key Resistance$ Levels – $3,950 and $4,000.
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