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Ethereum is about to “lift off” if it can hold a crucial level

Ethereum gained pace above the USD 4,250 resistance zone against the US dollar. ETH needs to stay above $ 4,150 to accelerate higher in the short term.

  • Ethereum started a recovery wave above the USD 4,000 and USD 4,250 resistance levels.
  • The price is now trading above $ 4,150 and the 100-hour simple moving average.
  • The ETH / USD hourly chart (data feed via Kraken) broke through a major bearish trendline with resistance near USD 4,150.
  • The pair could start a new rally if it stays above $ 4,150 and the 100-hour SMA.

Ethereum price is gaining momentum

Ethereum found support near $ 3,350 and started spiking again. ETH gained pace for a surge above the $ 3,800 and $ 3,880 resistance levels. It even broke the $ 4,000 mark and the 100-hour simple moving average.

In addition, the price climbed above the 50% Fib retracement level of the major decline from the high of $ 4,660 to the low of $ 3,327. The ETH / USD hourly chart also broke through a major bearish trendline with resistance near USD 4,150.

The pair is now trading above $ 4,150 and the 100-hour simple moving average. It is consolidating near the $ 4,350 resistance zone and the 76.4% fib retracement level of the major decline from the high of $ 4,660 to the low of $ 3,327.

Source: ETHUSD on TradingView.com

Initial resistance to the upside is near the $ 4,380 level. The first major resistance is near the $ 4,400 mark. The next big hurdle is near the $ 4,550 mark. A sharp rise above $ 4,550 could push the price higher. In the case mentioned, the price could drift towards the $ 4,700 mark in the short term.

Dips Limited at ETH?

If Ethereum doesn’t start another spike above the $ 4,400 mark, it could trigger a downward correction. Initial support on the downside is near the $ 4,300 mark.

The main support is now forming near the USD 4,150 level and the 100-hour simple moving average. If there is a significant break below the USD 4,150 support, the price could accelerate downward. The next big breakdown assistance is at $ 4,000, below which the price could dip towards $ 3,850.

Technical indicators

Hourly MACDThe MACD for ETH / USD is gaining pace in the upward zone.

Hourly RSIThe RSI for ETH / USD is now well above the 50 mark.

Great level of support – $ 4,150

Great resistance level – $ 4,400

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