Ethereum has recently experienced a significant price surge, surpassing the $4,100 mark. This upward movement follows a substantial decline below $3,800, mirroring Bitcoin’s recent market behavior. The recovery has been characterized by a series of technical indicators signaling potential further gains.
Currently, Ethereum is trading above $4,150 and has broken through a key bearish trend line at $4,100 on the hourly chart. This breakout suggests a potential continuation of the bullish trend, provided the price maintains levels above $4,250. The next significant resistance is observed near the $4,250 level, coinciding with the 61.8% Fibonacci retracement of the decline from $4,758 to $3,423.
If Ethereum clears the $4,250 resistance, it could aim for higher targets, with the first major resistance near $4,320, followed by $4,400. A decisive move above $4,400 might propel the price toward the $4,450 to $4,500 range.
Conversely, if the price fails to breach the $4,250 resistance, a decline could ensue. Initial support is located around $4,120, with stronger support near the $4,100 zone. A clear move below $4,100 might lead to further downside, targeting $4,020 and potentially $3,950.
Technical indicators such as the hourly MACD and RSI are currently in bullish territory, reinforcing the possibility of continued upward momentum.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
