Ethereum Eyes Fresh Gains as Momentum Builds Above $4,240
Ethereum (ETH) is showing renewed strength, having initiated a significant rebound from the $4,240 support zone. The cryptocurrency is currently consolidating, with analysts watching for a decisive break above the $4,400 mark, which could pave the way for further upward momentum.
ETH's Upward Trajectory and Resistance Targets
Following a strong recovery wave that saw Ethereum form a base above $4,220, the price successfully pushed past crucial resistance levels, including $4,320 and $4,350. Notably, ETH also breached a key bearish trend line with resistance at $4,330 on the hourly chart. Despite a brief pullback after touching $4,400, the digital asset has found support near $4,300, currently testing the 50% Fibonacci retracement level of its recent decline. A sustained move above the $4,380 and $4,400 levels is essential for ETH to build on its recent gains. Should Ethereum maintain its bullish trajectory and clear the immediate resistance at $4,375, and more importantly, the $4,415 level (which also aligns with the 76.4% Fib retracement), it could ignite a fresh rally. A clear breakout above $4,450 would likely propel the price towards the $4,550 resistance zone, with potential for further advances to $4,650 and even $4,800 in the near term. The 100-hourly Simple Moving Average is currently acting as strong support, reinforcing the upward bias.
Potential Downside and Key Support Zones
Conversely, if Ethereum fails to breach the $4,415 resistance, it could face a fresh decline. Initial downside support is located near $4,335. The first major support level is identified around the $4,280 zone. A breakdown below this critical support could trigger a move towards the $4,240 level, with further losses potentially extending to $4,220. The next significant support lies at $4,160. Technical indicators present a mixed but cautiously optimistic picture. The Hourly MACD for ETH/USD is showing some loss of momentum within the bearish zone, suggesting a potential shift. Meanwhile, the Hourly RSI is currently positioned above the 50 zone, indicating that buyers still hold a slight advantage. Investors should monitor these levels closely as Ethereum navigates its path towards a potential fresh surge.
