Ethereum Moves Higher — Buyers Strengthen Grip Amid Renewed Market Optimism

Ethereum has initiated a recovery, surpassing the $4,000 mark and trading above its 100-hourly Simple Moving Average. A bullish trend line is forming with support at $4,050. The initial rally faced resistance at $4,225, leading to a consolidation of gains. Key resistance levels lie at $4,220 and $4,250, with a potential move towards $4,320 if these are cleared. Surpassing $4,450 could pave the way for further gains towards $4,550. Failure to overcome $4,220 might trigger a decline, with initial support at $4,150. Further support can be found at $4,120 and $4,050, potentially leading to a drop towards $4,000. The MACD indicator suggests bullish momentum, while the RSI is above 50. Major support is seen at $4,120, and major resistance is at $4,220.