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Ethereum rises above $4K, why dips may be attractive

Ethereum rises above $4K, why dips may be attractive

Ethereum is up 5%, and bulls have pumped the price above $4,000 against the U.S. dollar. The price of ETH could continue to rise if it stays above the $3,920 support level, Newsbtc reports.

Ethereum is gaining momentum to move above $3,850 and $3,920 resistance levels. The price is trading above $4,000 and the 100-hour simple moving average. On the hourly chart, ETH/USD has broken above a key bearish trend line with resistance around $3,840 (data coming in via Kraken). The pair could start a new rise if it stays above the $3,920 support level and the 100-hour SMA. Ethereum has started a steady wave of recovery above $3,800 and $3,850 resistance levels. ETH was able to gain momentum after closing above the $3,850 level. Bulls are pushing the price above the 50% retracement level of the Fib key decline from the high of $4,175 to the low of $3,666. In addition, the hourly chart of ETH/USD saw a break above the key bearish trend line with resistance near $3,840. The price of Ether is now trading above $4,000 and the 100-hour simple moving average. It has tested the resistance zone at $4,050. Suggested resistance is near the 76.4% Fib retracement level of the key decline from the high of $4,175 to the low of $3,666. The next major resistance is near the $4,080 level. A clear move above the $4,080 level could start a new rise in the near term. The next stop for the bulls could be $4,150. A close above the $4,150 level could trigger a move to the $4,250 level. In the indicated case, it could even move up to the $4,350 level.

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