Ethereum Rallies Above $4K, Why Rally Isn’t Over Yet
Ethereum followed bitcoin and rallied above the $4,000 resistance against the US Dollar. ETH is correcting gains, but the bulls could remain active near $4,000.
Ethereum started a fresh increase above the $3,880 and $4,000 resistance levels.The price is now trading above $4,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $3,810 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is correcting gains, but there are many supports near $4,050 and $4,000.
Ethereum Price Rally Could Extend
Ethereum started a fresh increase above the $3,880 resistance zone. ETH gained pace after it broke the $3,900 resistance zone and the 100 hourly simple moving average.
There was also a break above a major bearish trend line with resistance near $3,810 on the hourly chart of ETH/USD. The pair cleared the $4,000 barrier to move further into a positive zone. It even spiked above $4,200 and formed a high near $4,240.
Ether price is now correcting lower and trading below $4,200. It is trading below $4,200, with an immediate support at $4,100. The stated level is near the 23.6% Fib retracement level of the recent wave from the $3,740 swing low to $4,240 high.
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