Ethereum Price Aims Higher
Ethereum (ETH) is up over 15% and trading well below $4,000. The bulls could now aim for a move toward $4,700 or a new all-time high.
In the past few days, Ethereum remained stable above the $3,400 level. ETH formed a base and started a fresh increase above the $3,800 resistance zone. There was a clear move above the 76.4% Fib retracement level of the main decline from the $4,094 swing high to the $1,385 low.
It opened the doors for a move above the $4,000 resistance. Ether outperformed Bitcoin, gained over 15% in the past three days, and cleared many hurdles.
Ethereum is now trading well above the $4,000 pivot level and the 50-week simple moving average (blue). There was a close above a key bearish trend line with resistance at $4,100 on the weekly chart.
The current price action is positive and points to more gains in the coming sessions. Immediate resistance is near the $4,350 level. The first major resistance is $4,500.
The next resistance is now forming near the $4,550 zone. A clear move above the $4,550 resistance might send the price toward the $4,700 resistance. It is close to the 1.236 Fib extension level of the main decline from the $4,094 swing high to the $1,385 low.
If there are more gains, the bulls could aim for a move toward the $5,000 resistance and a new all-time high. The next key target for them could be $5,750 since it is near the 1.618 Fib extension level of the main decline from the $4,094 swing high to the $1,385 low.
Are Dips Limited In ETH?
If the bulls fail to push the price above $4,500, ETH could see a downside correction. Immediate support is near the $4,200 level. The first major support is near the $4,100 level and the same trend line zone.
A weekly close below the $4,100 support could trigger a larger downside correction. In the stated case, the price might decline toward the $3,800 region. The next major support sits near the $3,500 zone. Any more losses might send ETH toward the $3,250 level in the medium term.
Overall, Ethereum price shows many positive signs above the $4,000 level and the 50-week simple moving average. If the bulls remain in action, there could be a move toward the $4,700 level or a new all-time high in the coming days.