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Ethereum (ETH) Regains Surging Momentum. Why Bulls Could Target $4,500

Ethereum (ETH), the second-largest cryptocurrency by market cap, extended its decline below the $4,120 level. ETH tested the $4,000 support zone and recently started a steady recovery wave. There was a break above the $4,120 and $4,150 resistance levels.

The bulls pumped the price above the 50% Fib retracement level of the downward move from the $4,552 swing high to $3,920 low. Besides, there was a break above a key bearish trend line with resistance near $4,070 on the hourly chart of Ethereum against the US Dollar (ETH/USD).

Whale Alert

Read Also: Crypto Enthusiasts Raise $47 Million in Ethereum (ETH) To Purchase Rare Copy of U.S. Constitution

Ethereum (ETH) price is now well above $4,250 and the 100 hourly simple moving average. An initial resistance on the upside is near the $4,380 level. The first major resistance is near the $4,400 level.

Ethereum (ETH) Regains Surging Momentum. Why Bulls Could Target $4,500
Courtesy of TradingView

The 76.4% Fib retracement level of the downward move from the $4,552 swing high to $3,920 low is also near the $4,400 level. A close above the $4,380 and $4,400 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,500 level. Any more gains could lift the price towards the $4,550 zone in the near term.

Read Also: Over 1 Million ETH Worth $4 Billion have Now Been Burned on the Ethereum Blockchain

Dips Limited in Ethereum (ETH)?

If Ethereum (ETH) fails to start a fresh increase above the $4,400 level, it could extend its downside correction. An initial support on the downside is near the $4,250 level.

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The first key support is now forming near the $4,200 level and the 100 hourly simple moving average. A downside break below the $4,200 support zone could spark a sharp decline. In the stated case, the price is likely to revisit the $4,000 support zone in the coming sessions.


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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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