Ethereum Price Uptrend To Continue? These Factors Could Send ETH To $4,300

Ethereum price cleared the $4,000 resistance zone. ETH is now consolidating gains and might extend its increase above the $4,100 zone.

• Ethereum traded to a new multi-month high above $4,050.
• The price is trading above $4,000 and the 100-hourly Simple Moving Average.
• There is a short-term breakout pattern forming with resistance at $4,060 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could resume its increase if it clears the $4,080 resistance zone.

Ethereum Price Reclaims $4K

Ethereum price remained well-bid above the $3,880 level and extended its increase, like Bitcoin. ETH was able to clear the key $4,000 resistance to move further into a positive zone.

The price settled above the $4,000 level. It traded to a new multi-month high above $4,000 and recently started a consolidation phase. There was a pullback below the $4,050 level. The price tested the 23.6% Fib retracement level of the recent increase from the $3,820 swing low to the $4,088 high.

Ethereum price is now consolidating above $4,000 and the 100-hourly Simple Moving Average. There is also a short-term breakout pattern forming with resistance at $4,060 on the hourly chart of ETH/USD.

If the pair stays above the $4,000 level, it could attempt another increase. Immediate resistance on the upside is near the $4,060 level. The first major resistance is near the $4,080 level.

Source: ETHUSD on TradingView.com

The next major resistance is near $4,120, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,220 level. If there is a move above the $4,220 resistance, Ethereum could even rise toward the $4,300 resistance. Any more gains might call for a test of $4,350.

Are Dips Supported In ETH?

If Ethereum fails to clear the $4,060 resistance, it could start a downside correction. Initial support on the downside is near the $4,020 level.

The first major support is near the $3,950 zone or the 50% Fib retracement level of the recent increase from the $3,820 swing low to the $4,088 high. The next key support could be the $3,920 zone. A clear move below the $3,920 support might send the price toward $3,880. Any more losses might send the price toward the $3,780 level.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,950

Major Resistance Level – $4,080

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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• Source: https://www.newsbtc.com/analysis/eth/ethereum-price-uptrend-4300/