Ethereum price is starting to rise quite a bit, above $3,750. ETH is consolidating gains and could target a move above the $3,980 resistance zone.
- Ethereum began a significant rise above $3,750 and $3,800.
- The price is trading below $3,800 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a connected bullish trendline forming around support at $3,840.
- A break above the $3,950 and $3,980 resistance levels could continue the upward move for the currency pair.
Ethereum price surpasses Bitcoin
Ethereum price remained stable and rose above $3,750, surpassing Bitcoin. ETH was able to break above the $3,800 and $3,880 resistance levels.
The bulls pushed the pair above the $3,920 and $3,950 resistance levels. The all-time high was reached at $3,988 and the price is currently on an upward trend. It fell slightly below the $3,920 level. The price fell below the 23.6% Fib retracement level, rising from the $3,527 swing low to the $3,988 high.
Ethereum price is currently trading above $3,800 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trend line with support at $3,840.
On the other hand, the price appears to be facing a hurdle near the $3,950 level. The first major resistance is near the $3,980 level. Major resistance is currently forming near $4,000. A clear break above the $4,000 resistance may lead the price to move towards the $4,150 resistance.
An uptick above the $4,150 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $4,250 resistance zone or even $4,320.
Another decline in ETH?
If Ethereum fails to clear the $3,980 resistance, another decline could begin. Initial support for the downside is near the $3,840 level and trendline. The first major support lies near the $3,750 zone or the 50% Fib retracement level of the rise from the $3,527 swing low to the $3,988 high.
A clear move below the $3,750 support could push the price towards the $3,665 support. More losses may push the price towards the $3,550 support level in the near term. The next major support is $3,500.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Key Support Level – $3,840
Key Resistance Level – $3,980