Ethereum price held steady above the $4,120 mark and initiated a new upward trend, similar to Bitcoin. ETH price successfully surged past the resistance levels of $4,250 and $4,320. Additionally, a breakout occurred above a significant contracting triangle, with resistance identified at $4,180 on the hourly chart of ETH/USD. The price surged to nearly $4,400 and could potentially keep climbing. A high is established at $4,400, with the price maintaining stability above the 23.6%. Fibonacci retracement level of the recent upward movement from the $4,093 swing low to the $4,400 high.
Ethereum has maintained its position above $4,250 and has initiated a recovery wave. The price is currently trading above $4,320, surpassing the 100-hourly Simple Moving Average. A significant breakout occurred above a crucial contracting triangle, with resistance identified at $4,180 on the hourly chart of ETH/USD. The pair may maintain its upward trajectory if it establishes a position above $4,400 and $4,420.
Ethereum price is currently trading above $4,350, surpassing the 100-hourly Simple Moving Average. On the upside, the price may encounter resistance around the $4,400 mark. The upcoming crucial resistance level is around $4,420. The initial significant resistance stands around the $4,500 mark. A decisive breakout above the $4,500 resistance could propel the price towards the $4,550 resistance level. An upside break above the $4,650 region could signal potential for further gains in the upcoming sessions. In this scenario, Ether has the potential to climb towards the $4,720 resistance level or possibly reach $4,800 in the short term.
If Ethereum is unable to break through the $4,400 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $4,320 mark. The initial significant support level is located around the $4,250 area. A decisive drop beneath the $4,250 support could drive the price down to the $4,200 support level. Further losses could push the price down to the $4,120 area in the short term. The next crucial support level is positioned at $4,050.