Another attempt of the Ethereum price to overcome the level of 4150 was unsuccessful. The price bounced down and started a correction. The ETH/USD pair dropped below 4100 and is trading in the area of 4050 at the time of publication.
Despite the correction, the pair is holding above 100MA on the hourly chart. Also, the ETH/USD pair is forming an ascending triangle, supporting the pair in the area of 4030 and limiting its upward movement in the area of 4150. Thus, the nearest resistance for the ETH/USD pair is in the level of 4150. A clear breakout above this level could lead to another significant growth in the short term. In this case, the ETH/USD pair may show an increase to the area of 4250. Traders should focus on the 4150 level. A breakdown of this level could be the beginning of a new bullish rally. To open long trades, you should wait for the price to exit upward from the ascending triangle.
On the other hand, the level of 4000 provides immediate support for the ETH/USD pair. A breakdown of this level will increase pressure on the bulls and increase sales. As a result, the ETH/USD pair may drop to the area of 3910. A movement below this level will send the ETH/USD pair to the support area of 3760.