Ethereum Price is Close to Forming a New Weekly High
The price of Ethereum (ETH) is facing a crucial resistance near the $4,400 level against the US Dollar. The recent price action suggests that ETH price is consolidating above the $4,200 support level and it could soon make another attempt to surpass the $4,400 resistance.
Ethereum has been trading in a positive zone above the $4,200 support level. The price even broke the $4,300 resistance level, but it struggled to gain momentum above $4,400. There is a key contracting triangle forming with resistance near $4,370 on the 4-hours chart of ETH/USD.
If Ethereum breaks the $4,370 resistance level, it could open the doors for a fresh increase in the near term. The next major resistance is near the $4,400 level. A successful close above the $4,400 resistance could start a strong increase towards the $4,500 level.
On the downside, the $4,250 level is a decent support. The main support is now forming near the $4,200 level. If there is a downside break below the $4,200 support, the price might start a fresh decline towards the $4,100 support level.
Overall, Ethereum price is showing positive signs above $4,200 and it seems like the bulls are eyeing a fresh increase towards the $4,400 level in the coming sessions. However, a clear break above the $4,400 resistance is must for a sustained upward move. On the downside, the $4,200 support holds the key.
