Ethereum Rally Gathers Pace, Why Uptrend Isn’t Over Yet
Ethereum started a fresh rally above the $4,200 resistance against the US Dollar. ETH broke the $4,350 level and it could continue to rise in the near term.
Ethereum started a fresh increase above the $4,200 and $4,300 resistance levels.
The price is now trading above $4,300 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $4,250 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $4,250 support zone.
Ethereum gained pace above the $4,250 level and the 100 hourly simple moving average. ETH price even cleared the $4,320 level to move further into a positive zone.
It spiked above $4,400 and a high is formed near $4,403. The price is now consolidating gains and trading near $4,350. It tested the 23.6% Fib retracement level of the recent increase from the $4,104 swing low to $4,403 high.
An immediate support is near the $4,300 level. There is also a major bullish trend line forming with support near $4,250 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,380 level.
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