Ethereum Follows Bitcoin, Why ETH Could Surge Towards $4K


Ethereum began a recent enhance from the $3,400 assist zone in opposition to the US Dollar. ETH value might speed up greater as soon as there’s a clear break above $3,650.

  • Ethereum began a recent enhance above the $3,500 and $3,550 resistance ranges.
  • The value is now buying and selling above $3,550 and the 100 hourly easy transferring common.
  • There was a break above a key bearish pattern line with resistance close to $3,500 on the hourly chart of ETH/USD (information feed by way of Kraken).
  • The pair might begin a recent rally if there’s a clear break above $3,650 and $3,660.

Ethereum Price Gains Pace

Ethereum remained nicely supported above the $3,400 zone. ETH began a recent enhance above the $3,500 resistance zone and the 100 hourly easy transferring common, much like bitcoin.

There was additionally a break above a key bearish pattern line with resistance close to $3,500 on the hourly chart of ETH/USD. The pair is now buying and selling above the $3,550 resistance zone. Ether value even surpassed the $3,600 resistance zone.

A excessive is fashioned close to $3,656 and the worth is now consolidating good points. It is nicely above the 23.6% Fib retracement stage of the current upward transfer from the $3,413 swing low to $3,656 excessive. The value is now exhibiting optimistic indicators above the $3,630. An instant resistance on the upside is close to the $3,650 stage.

Source: ETHUSD on TradingView.com

The subsequent main resistance is close to the $3,660 stage, above which the worth may begin a recent surge. In the said case, the worth might climb in the direction of the $3,750 stage. Any extra good points might set the tempo for a transfer in the direction of the $4,000 stage within the close to time period.

Dips Limited in ETH?

If ethereum fails to proceed greater above the $3,650 and $3,660 resistance ranges, it might begin a recent draw back correction. An preliminary assist on the draw back is close to the $3,600 stage.

The first key assist is now forming close to the $3,550 stage. It is close to the 50% Fib retracement stage of the current upward transfer from the $3,413 swing low to $3,656 excessive. If there’s a draw back break under the $3,550 and $3,535 assist ranges, the worth might decline additional. The subsequent key assist is close to $3,450.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining tempo within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 60 stage.

Major Support Level – $3,550

Major Resistance Level – $3,660

You might also like