Ethereum (ETH): Overcoming This Confluence Resistance May Trigger Significant Surge

  • Ethereum sees its price stabilized beyond the vital levels of $4,200 and $4,250.
  • For now, ETH hovers past $4,300 and the 100-Hour SMA.
  • ETH/USD chart displays a vibrant bullish trend-line developing with a support floor at $4,320 (Kraken data).
  • For another rally, ETH/USD should overpower the resistance zone at $4,450.

Ethereum maintains its actions beyond the support at $4,250 value area. Nonetheless, Ether might spark a massive rally by clearing the short-term resistance zone at $4,450.

ETH Price Still Supported

The second-largest digital coin, Ethereum, witnessed consolidations within price levels past the $4,100 – $4,200 range. The altcoin surged beyond $4,400 but struggled to overcome a confluence resistance of around $4,450.

ETH registered its latest high near $4,456 and seemed to consolidate gains. For now, Ether trades beyond $4,300 and 100-Hour Simple Moving Average. Also, the ETH/USD’s hourly price chart confirms a vivacious bullish line evolving with a support level near $4,300.

The alternative coin maintains its price well beyond the 23.6% Fibonacci retracement zone of the newest price move from a swing low of $3,900 to $4,456. Ethereum has its immediate upward resistance near $4,400.

Meanwhile, the initial critical resistance stands at $4,420, while the following one sits at $4,450. Nevertheless, a significant closed beyond $4,450 may trigger a stable near-term upswing. In such a scenario, ETH can sail to $4,600 without hurdles.

ETH Dips Limited?

If the leading altcoin fails to launch another surge beyond $4,450, it might see an extended downward correction. Ether has its first downside support at $4,325. For now, vital support builds up around the $4,320 mark and the 100-Hour SMA.

If a break beneath the support level at the $4,320 area happens, Ethereum can experience extended losses. The following dependable support area would emerge at $4,200 or 50% Fibonacci retracement of the latest price actions from the swing low at $3,900 to a high of $4,456. Failure to maintain at this value area may see ETH declining towards $4,000.

Ethereum Technical Indicators

  • Hourly MACD: Ether’s MACD gains pace within the bullish territory.
  • Hourly RSI: RSI stands around the 50-area.
  • Critical Support level: $4,200.
  • Crucial Resistance level: $4,450.

Author: Michael Ellis

Michael is an avid cryptocurrency enthusiast and writer. He is the main writer for Cryptocoin Stock Exchange.

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