Technical Analysis: The Bullish Potential is Forming in Ethereum! Here are the Levels to Follow

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Popular crypto currency Ethereum he failed to test $4,500 and made a new correction. Ethereum, which broke the all-time record last week, shows the potential for a resurgence. Here ETHcritical levels that need to be followed in ‘

Ethereum Shows Bullish Potential

It is popular, which ranks second in terms of market value altcoin Ethereum (ETH) recently launched an increase to the level of 4.405 dollars and updated the ATH. But the popular cryptocurrency could not keep up this increase and started a new decline. So ETH price, it declined to 4.150 dollar levels after the monthly close.

There was also a break below the 4.250 dollar and the 100-hour simple moving average. However, the bulls regained control near the 4.150 dollar support zone and started an upward price increase.

On the other hand Ethereum it is currently trading above the 23.6% Fib retracement level, down from $4.393 to $4.152. The initial resistance in the upward direction is located near the 4.250 dollar level, while the hourly ETH/USD there is a significant bearish channel forming on the chart with resistance close to 4.300 dollars.

a close above the $4,300 level could lead to a sharp rise in the near term. In the specified case, the price may initially rise again to the level of 4.400 dollars. Further gains could push the price towards the next key hurdle, namely $4,550.

Bottoming Levels in Ethereum

Ethereum If the 4.300 dollar and 4.320 dollar cannot continue to rise above the resistance levels, it may initiate a new downward correction. The first support in the downward direction is located near the 4.200 dollar level.

The first key support is currently forming near the 4.150 dollar level and the recent low. A downward break below the $4,150 support could push the price below the $4,100 support. Ethereumif there are more losses in the, it can pull the price up to $ 4,000.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI:  The RSI for ETH/USD is now below the 50 level.

The Main Level of Support: $4,150

The Main Resistance Level: $4,300

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