TA: #Ethereum Prints Bullish Pattern, Why #ETH Could Revisit $4.5K

Ethereum is stable above the $4,250 pivot level against the US Dollar. ETH could accelerate higher if there is a clear break above the $4,350 resistance zone.

• Ethereum is trading in a bullish zone above the $4,200 level.
• The price is consolidating above $4,250 and the 100 hourly simple moving average.
• There was a break above a key contracting triangle with resistance near $4,270 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if there is a clear break above the $4,350 resistance zone.

Ethereum Price Is Rising

Ethereum formed a base above the $4,150 support level. ETH price started a steady recovery wave above the $4,200 resistance zone to move into short-term positive zone.

The price was able to clear the 50% Fib retracement level of the downward move from the $4,386 swing high to $4,169 low. Besides, there was a break above a key contracting triangle with resistance near $4,270 on the hourly chart of ETH/USD.

The pair is consolidating above $4,250 and the 100 hourly simple moving average. An initial resistance on the upside is near the $4,335 level.

The 76.4% Fib retracement level of the downward move from the $4,386 swing high to $4,169 low is also near the $4,330 level. The first major resistance is near the $4,350 level. A close above the $4,330 and $4,350 levels could start a fresh increase in the near term.

Source: ETHUSD on TradingView.com

In the stated case, the price might rise towards the $4,500 level. Any more gains could lift the price towards the $4,650 breakout zone in the near term, where the bears are likely to take a stand.

Fresh Drop in ETH?

If ethereum fails to start a fresh increase above the $4,330 level, it could start a fresh decline. An initial support on the downside is near the $4,270 level.

The first key support is now forming near the $4,250 level and the 100 hourly simple moving average. A downside break below the $4,250 support might push the price further lower. In this case, ether price may perhaps decline towards the $4,150 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now correcting lower towards the 50 level.

Major Support Level – $4,150

Major Resistance Level – $4,350

   
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