TA: Ethereum Gearing For Another Lift-Off If It Clears This Level

Ethereum extended its decline below $4,100 and spiked below $4,000 against the US Dollar. ETH is recovering, but it must break $4,175 before there was a fresh increase. Ethereum corrected lower below the $4,200 and $4,175 support levels. The price is now trading above $4,050 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $4,200 and $4,175 support levels. Ethereum Price Could Rally Ethereum started a downside correction from the $4,000 resistance zone. ETH traded below the $4,200 support zone and the 100 hourly simple moving average. Ether price even traded below the $4,000 support zone. A low was formed near $3,964 before there was a recovery wave. There was a break above the $4,050 level and the 100 hourly simple moving average. The price climbed above $4,100, but it is facing resistance near the $4,175 and $4,200 levels. A high is formed near $4,155 and the price is now consolidating. An immediate support is near the $4,100 level. The stated level is near the 23.6% Fib retracement level of the upward move from the $3,964 swing low to $4,155 high. Source: ETHUSD on TradingView.com There is also a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,175 level. The next ma...