Ethereum continues to trade above the $ 4,050 support. If buyers continue to break the $ 4,325 and $ 4,350 resistance, the price could regain its uptrend.
to the Report Unlike Bitcoin, Ethereum has maintained its position with strong support at $ 4,050. The price of this digital currency formed a new floor yesterday, then started a continuous recovery and reached the resistance of $ 4,120.
The uptrend continued and the price managed to break the $ 4,200 resistance and the 100-hour moving average (SMA). In addition, with this jump in resistance, Ethereum was able to overcome the downtrend line in the 1-hour market view, which was formed at $ 4,205.
The price continued to move above $ 4,300 and reached the highest level of $ 4,386, but later corrected to below $ 4,300. This bearish correction was accompanied by a break of 23.6% Fibonacci level. In this analysis, Fibonacci levels are set based on the upward movement of the price from $ 4,026 to the peak of $ 4,386.
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Ethereum is currently trading above $ 4,200 and a simple moving average of 100 hours, and the closest resistance to the price is at $ 4,300.
The first key resistance is at $ 4,350, and crossing this level could be the start of a new uptrend in the short term. In this case, the price will reach $ 4,450, and further price growth could increase Ethereum to $ 4,500 in the short term.
If Ethereum fails to cross the $ 4,350 level, a new downtrend could begin. As the market declines, the closest support to the price will be at $ 4,220, and a bullish line will also support the price at the same level.
The first key price support will be around $ 4,200, which is in the same range as the 50% Fibonacci retracement level. Breaking this level further can be accompanied by a deeper fall in prices.
The MACD is slowly breaking out of the uptrend and the Relative Strength Index (RSI) is near the 50 level.
As mentioned, $ 4,200 is key Ethereum support and $ 4,350 acts as price resistance.