Ethereum (ETH) Price Breaks above the Crucial US$4,000 Level for the First Time Ever: Is US$4,500 the Next Target?

Ethereum (ETH) price moved over the psychological barrier at US$4,000 on May 10, 2021, on multiple cryptocurrency exchanges including Coinbase and Binance.

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The ETH price against the US Dollar (ETH/USD) remains well supported above the US$3,750 level. Near the US$3,722 level, the last swing low of Ethereum was created. This led to the start of a fresh rally and went on to break the resistance at US$3,900 level. The ETH price continued to climb above the US$3,950 level and consequently connected the bearish trend line on the hourly chart. 

The price rally of the ETH/USD pair went above the US$4,000 level and went on to reach the new all-time high (ATH) near US$4,030. The ETH price against the US Dollar is currently trading comfortably above the US$3,950 level as well as the 100 hourly SMA (Simple Moving Average).

The price action at the moment is very positive and the immediate resistance level is located at US$4,050. The ETH/USD price is hovering close to the 1.236 Fibonacci extension level of the downward swing from the high at US$3,985 to the low at US$3,722.

Everything You Need to Know About Ethereum

The chart shows that the first major resistance level is located at US$4,150. This represents the 1.618 Fibonacci extension level of the downward swing from the high at US$3,985 to the low at US$3,722. If the ETH/USD price makes more gains, it could lead to a stronger upward movement towards the levels at US$4,200 and US$4,250 in the short term. In case of the continuation of a stronger Ethereum price rally, it could reach the next psychological resistance level at US$4,500.

In case of downward movement of price, the ETH/USD pair is well supported near the levels at US$3,950, US$3,920, and US$3,800.

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