Ethereum price is rising above the $3,800 resistance again. ETH is currently consolidating near $3,850 and we expect a rally above $4,000 in the near future.
- Ethereum began a new rise above the $3,750 resistance level.
- The price is trading above $3,750 and the 100-hour simple moving average.
- On the hourly ETH/USD chart (data feed via Kraken), there is a major bullish trend line with support at $3,780.
- Unless a break occurs below the $3,540 support, the pair may continue to rise.
Ethereum price continues to be supported for further gains
Ethereum price remained stable above the $3,540 support zone. ETH formed a base and began another rally above the $3,650 level, outperforming Bitcoin.
There was a move above the $3,750 resistance level. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,944 swing high to the $3,530 low. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $3,780.
Ethereum price is trading above $3,750 and the 100-hour simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $3,944 swing high to the $3,530 low.
Immediate resistance is near the $3,880 level. The first major resistance is near the $3,920 level. An upside reversal above the $3,920 resistance could push the price higher. The next major resistance level is $4,000, above which the price may gain traction and advance towards the $4,080 level.
A clear move above the $4,080 level could push the price higher to test the $4,220 resistance. Further gains could push Ether towards the $4,350 resistance zone.
ETH falling again?
If Ethereum fails to clear the $3,880 resistance, another downward correction could begin. Initial support for the downside is near the $3,800 level and trend line.
The next major support level is near the $3,735 area. A clear break below the $3,735 support could push the price towards $3,630. More losses could push the price towards the $3,540 level in the near term.
technical indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 zone.
Key Support Level – $3,800
Key Resistance Level – $3,880