Ethereum price expanded its gains and tested $3,840. ETH is maintaining its upward trend and appears to be targeting a move towards the $4,000 level.
- Ethereum began a new rally, trading above the $3,750 resistance zone.
- The price is trading above $3,700 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term bullish trendline forming with support at $3,710.
- Unless a break occurs below the $3,380 support, the pair may continue to rise.
Ethereum Price Eyes Additional Profits
Ethereum price began a new surge following reports of heightened expectations for the ETH ETF. There was a move above the $3,500 and $3,650 resistance levels.
ETH has outperformed Bitcoin and even surpassed the $3,750 level. A new weekly high was set at $3,838 and the price is currently on an upward trend. It is trading well above the 23.6% Fib retracement level of the bullish wave from the $3,065 swing low to the $3,838 high.
Ethereum is currently trading above $3,700 and the 100-hour simple moving average. Additionally, a short-term bullish trend line is formed on the hourly chart of ETH/USD with support at $3,710.
Immediate resistance is near the $3,840 level. The first major resistance is near the $3,880 level. An upside reversal above the $3,880 resistance could push the price higher. The next major resistance level is $3,950, above which the price may gain traction and advance towards the $4,000 level.
A clear move above the $4,000 level could push the price higher to test the $4,080 resistance. Further gains could lead Ether towards the $4,200 resistance zone.
Are dips limited in ETH?
If Ethereum fails to clear the $3,840 resistance, a downward correction could begin. Initial support for the downside is near the $3,710 level and trend line.
The next major support level is near the $3,620 area. A clear move below the $3,620 support could push the price towards the 50% Fib retracement level of the bullish wave at $3,450 or $3,065 low to $3,838 high. More losses could push the price towards the $3,380 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now correcting in the 75 area.
Key Support Level – $3,620
Key Resistance Level – $3,840