TA: Ethereum Gains Momentum, Dips Turn Attractive In Near-Term

Ethereum gained pace above the $4,350 resistance against the US Dollar. ETH could accelerate higher if there is a clear break above the $4,550 resistance zone. Ethereum is trading in a bullish zone above the $4,350 level. The price is now well above $4,250 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $4,360 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue higher if it stays above the $4,350 support level in the near term. Ethereum Price Extends Gains Ethereum extended increase above the $4,350 resistance level. ETH price even broke the $4,440 level and settled well above the 100 hourly simple moving average. There was a steady increase and the even climbed above $4,500. A high was formed near $4,552 and the price is now correcting lower. It traded below the $4,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $4,169 swing low to $4,552 high. Ether price is now well above $4,250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $4,360 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An initial resistance on the upside is near the $4,500 level. The first major resistance is near the $4,550 level. A close above the $4,500 and $4,550 levels could start a fresh increase in the near term. In the stated case, the price might ri...