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).
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.
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
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.
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.
Follow us on Twitter, Facebook, Telegram, and Download Our Android App
The integration of ISO 20022 as a global messaging standard for financial transactions is a…
The crypto market is buzzing again, and November 2024 is shaping up to be one…
Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has officially announced he…
Asking a bettor what their favorite casino games are will always result in one of…
A prominent cryptocurrency market analyst, Armando Pantoja, has suggested that XRP might be on the…
As the new year dawns, the crypto world is buzzing with predictions of an epic…