After settling above the $4050 level, ETH started a fresh increase. It cleared the $4750 resistance zone and the 100 hourly simple moving average. The price of Ethereum ETH even traded above the $4350 resistance zone. Whereas BTC has declined to $60,000, and it might fall down even further.
Ethereum Price has the potential to rise even further. Its high was formed near $4313, and the current price keeps increasing. Immediate support is near the $4,260 level. This level is near the 23.6% Fib retracement level of the upward wave from the $4,091 swing low to $4,313 high.
Currently, it is trading at $4239.82, with an increase of 1% in the past 24 hours. CoinMarketCap’s live data shows that Ethereum ETH has increased 10.52% over the past seven days, whereas BTC has declined 4.83%.
Now the next significant resistance is near the $4320 level. If ETH clears this resistance, it might start a fresh rally. However, if it fails, it could start a downside correction. Initial support on the downside is near the $4260 level.
The hourly MACD for ETH/USD is gaining pace in the bullish zone, and the hourly RSI is well above the 50 level. ETH’s major support level is at $4171, and the major resistance level is at $4320. If any downside is witnessed in its price, it could lead to $4050 support.
