
Ethereum has surged through the once-daunting $4,000 resistance barrier, hitting a new multi-month high above $4,050 and signaling a robust bullish presence in the market. The premier altcoin is now trading comfortably above the psychologically significant mark and well above the 100-hourly Simple Moving Average, indicative of a solid uptrend.
After a steadfast performance, securing ground well above the $3,880 support, Ethereum has matched the ascent of its counterpart Bitcoin, breaching the key $4,000 threshold to enter a more favorable trading zone. The resilience in its value is underlined by a recent consolidation phase subsequent to setting the new multi-month record. Despite a minor retracement below the $4,050 mark, Ethereum maintained its grip on the gains, lightly testing the 23.6% Fibonacci retracement level of the recent swell from the $3,820 swing low to the $4,088 apex.
The current landscape of Ethereum’s trading chart reveals a consolidation above the $4,000 landmark and a sustaining 100-hourly Simple Moving Average. A short-term breakout pattern has emerged with resistance hovering around $4,060 on the hourly chart of the ETH/USD pair.
Should Ethereum remain steadfast above the $4,000 support, prospects of another leg up seem probable. Encountering immediate resistance near $4,060, the cryptocurrency faces the next significant hurdle at $4,080. Climbing above this level may kickstart potent bullish momentum, with the next consequential resistance near $4,120. A successful foray above this barrier could catalyze a spirited rally towards the $4,220 stretch, with a breach above potentially steering Ethereum towards the $4,300 landmark. Escalation beyond those bounds might nudge Ethereum to test the waters at $4,350.
On the off-chance that Ethereum falters at the $4,060 resistance, it may find itself on a downward trajectory. The initial support lies in wait near $4,020, followed by significant bulwarks around $3,950, indicated by the 50% Fibonacci retracement level of the aforementioned rally. Should Ethereum falter further, support at $3,920 might be its salvation, while a downward breach could see a decline towards the $3,880 level, or worse, $3,780.
The Hourly Moving Average Convergence Divergence (MACD) suggests a slowing momentum in the bullish territory, yet still leaning positive. Meanwhile, the Relative Strength Index (RSI) for Ethereum is hovering above 50, highlighting a moderate bullish sentiment.
Major support and resistance levels to keep an eye on stand at $3,950 and $4,080, respectively. With Ethereum charting new heights, the market watches with bated breath to see if this altcoin titan can sustain its celestial trajectory.