Ethereum prices have begun recovery waves above $4,050. ETH is currently integrated and could be aiming for more profits if it clears the $4,170 resistance.
Ethereum remained stable at over $3,820 and began a recovery wave. The price is trading above $4,050, and is a simple moving average of 100 hours. There was a break on the ETH/USD hourly chart (data feed via Kraken) overcame a key bearish trendline with resistance. The pair could continue to rise once they exceed $4,170 and $4,200.
Ethereum prices recover
Ethereum prices are supported above the $3,820 level, and have started a recovery wave like Bitcoin. ETH prices were able to exceed resistance levels of $3,880 and $4,000.
There was a clear movement above the FIB retracement level of 50% of the downward wave. What’s more, there was a break above the key bearish trendline with resistance on the ETH/USD hourly wage chart.
Ethereum prices are currently trading above $4,050, a simple moving average of 100 hours. The advantage is that the price could face resistance close to the $4,150 level. The next important resistance is from a downward wave of $4,170 or FIB retracement level of 76.4% to a Swing High of $4,275 to a low of $3,826.
The first major resistance is close to the $4,200 level. A clear move above the $4,200 resistance could turn the price towards the $4,250 resistance. An upward break above the $4,250 region may require more profits in future sessions. If stated, ether could rise towards a resistance zone of $4,320, and even $4,350.
Another reduction in ETH?
If Ethereum fails to clear its $4,200 resistance, it could begin a new decline. The initial support for the downside is close to the $4,050 level. The first major support is near the $4,000 zone.
A clear move below $4,000 support could push the price up to $3,920 support. Any further losses could send prices to the $3,880 region in the short term. The following key support is $3,820.
Technical indicators
HOURLY MACD – ETH/USD’s MACD is losing momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $4,050
Major Resistance Levels – $4,200
