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Ethereum Looks Ready – Key Support Holds As Bulls Aim Fresh Upside Push
Ethereum price has started a fresh recovery above $4,050, showing positive signs that it might rise further toward the $4,350 level. The price is trading above $4,050 and the 100-hourly Simple Moving Average, indicating a potential upward trend. A key bullish trend line is forming with support at $3,980 on the hourly chart of ETH/USD, which could help the price continue to move up if it trades above $4,200. Ethereum price started a recovery wave above the $3,950 level, similar to Bitcoin, and formed a base above the $4,000 level. The price cleared the 50% Fib retracement level of the recent decline from the $4,290 swing high to the $3,890 low, and the bulls were able to push the price above the $4,120 pivot level. The price is now trading above $4,100 and the 100-hourly Simple Moving Average, with resistance near the $4,140 level. The next key resistance is near the $4,200 level and the 76.4% Fib retracement level of the recent decline from the $4,290 swing high to the $3,890 low. If Ethereum fails to clear the $4,200 resistance, it could start a fresh decline, with initial support on the downside near the $4,000 level and the trend line. The technical indicators, such as the Hourly MACD and Hourly RSI, are gaining momentum in the bullish zone and above the 50 zone, respectively, which could support the upward trend. Overall, Ethereum price is expected to continue its recovery, with potential targets at $4,380, $4,450, or even $4,500 in the near term, but a clear move below the $3,880 support might push the price toward the $3,820 support.
