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Ethereum Breaking This Confluence Resistance Could Spark a Significant Surge

Ethereum is still above the $4,250 support against the US Dollar. ETH price could stage a strong rally if it clears the $4,450 resistance zone in the near term.

Ethereum is stable and supported above the $4,200 and $4,250 levels.
The price is now trading above $4,300 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $4,320 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally if it clears the key $4,450 resistance zone.

Ethereum Price Remains Supported
Ethereum consolidated in a range above $4,100 and $4,200 levels. ETH climbed above the $4,400 level, but it is still struggling to clear a confluence resistance near $4,450.
The recent high was formed near $4,456 and it is now consolidating gains. Ether is now trading above $4,300 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $4,320 on the hourly chart of ETH/USD.
The price is trading nicely above the 23.6% Fib retracement level of the recent wave from the $3,900 swing low to $4,456 high. An initial resistance on the upside is near the $4,400 level.

Source: ETHUSD on TradingView.com
The first major resistance is near the $4,420 level. The next major hurdle is near the $4,450 level. A clear break and close above the $4,450 level could stage a steady increase in the near term. In the stated case, the price could drift towards the $4,600 level in the near term.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the $4,450 level, it could extend its downside correction. An initial support on the downside is near the $4,325 level. The key support is now forming near the $4,320 level and the 100 hourly simple moving average.
If there is a clear break below the $4,320 support, the price could extend losses. The next major breakdown support is $4,200 or the 50% Fib retracement level of the recent wave from the $3,900 swing low to $4,456 high, below which the price could decline towards $4,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is near the 50 level.
Major Support Level – $4,200
Major Resistance Level – $4,450

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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