Ethereum Breaking This Confluence Resistance Could Spark a Significant Surge
09 Dezembro 2021 - 2:28AM
NEWSBTC
Ethereum is still above the $4,250 support against the US Dollar.
ETH price could stage a strong rally if it clears the $4,450
resistance zone in the near term. Ethereum is stable and supported
above the $4,200 and $4,250 levels. The price is now trading above
$4,300 and the 100 hourly simple moving average. There is a key
bullish trend line forming with support near $4,320 on the hourly
chart of ETH/USD (data feed via Kraken). The pair could start a
fresh rally if it clears the key $4,450 resistance zone. Ethereum
Price Remains Supported Ethereum consolidated in a range above
$4,100 and $4,200 levels. ETH climbed above the $4,400 level, but
it is still struggling to clear a confluence resistance near
$4,450. The recent high was formed near $4,456 and it is now
consolidating gains. Ether is now trading above $4,300 and the 100
hourly simple moving average. There is also a key bullish trend
line forming with support near $4,320 on the hourly chart of
ETH/USD. The price is trading nicely above the 23.6% Fib
retracement level of the recent wave from the $3,900 swing low to
$4,456 high. An initial resistance on the upside is near the $4,400
level. Source: ETHUSD on TradingView.com The first major resistance
is near the $4,420 level. The next major hurdle is near the $4,450
level. A clear break and close above the $4,450 level could stage a
steady increase in the near term. In the stated case, the price
could drift towards the $4,600 level in the near term. Dips Limited
in ETH? If ethereum fails to start a fresh increase above the
$4,450 level, it could extend its downside correction. An initial
support on the downside is near the $4,325 level. The key support
is now forming near the $4,320 level and the 100 hourly simple
moving average. If there is a clear break below the $4,320 support,
the price could extend losses. The next major breakdown support is
$4,200 or the 50% Fib retracement level of the recent wave from the
$3,900 swing low to $4,456 high, below which the price could
decline towards $4,000. Technical Indicators Hourly MACD – The MACD
for ETH/USD is gaining pace in the bullish zone. Hourly RSI – The
RSI for ETH/USD is near the 50 level. Major Support Level – $4,200
Major Resistance Level – $4,450
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