Ethereum Shows Early Signs Of Fresh Rally, $4100 Is The Key

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Ethereum Shows Early Signs Of Fresh Rally, $4100 Is The Key


Ethereum shows early signs of a fresh rally, slowly pacing near the $4000 zone and the US dollar. The ETH price is showing positive signs but it has to clear the $4100 price range for an upward move so let’s read more in today’s Ethereum news.

Ethereum started a fresh increase and surpassed the $4000 resistance zone with the price trading above $4020 and the 100 hourly simple moving average. There was also a new break above the key bearish trend line with the resistance near $4020 on the hourly charts of the pair that it has to surpass $4100 in order to shoot up higher.

ETHUSD
Source ETHUSD on TradingView.com

Ethereum started a new increase above $3950 and $3980 resistance levels with the price even climbing above the $4020 level and the 100 hourly simple moving average. There was also a break above the key bearish trend line near the resistance at $4200 on the hourly charts of the pair. The pair traded as high as $4075 and it is consolidating the gains above 23.6% fib retracement level from the increases of $3750 low to 44075 high. It is still trading above $4020 and the 100 hourly simple moving average with a connecting bullish trend forming near these levels on the charts.

The immediate resistance on the upside is close to the $4080 level with a new major resistance near the $4100 level. The clear upside break above these levels could push the price higher but the next stop for the bulls could be set at $4200 above which the price could rise to $4250. More gains could send the price towards $4350 levels. Ethereum shows early signs of a new rally but if it fails to start a new increase above the $4080 level, it could start a new downside correction. The initial support on the downside is close to the $4020 level with the first key support forming near the $3950 level and a 100 hourly simple moving average.

crypto market
Cryptocurrency Market Heatmap. Source Quantify Crypto

The next major support is close to the $3920 level and it is close to the 50% fib retracement level of the recent rise from $3750 low to $4075 high. If there’s a break below the $3920 support, the price could enhance its losses. The hourly MACD for the pair is gaining pace in the bullish zone while the hourly RSI for the pair is above the 50 levels. The major support level is set at $3920 while the resistance one Is set at $4100.

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