Ethereum price continued its upward trend above the $3,900 resistance level. ETH is currently consolidating near $3,880 and may continue to move higher in the near term.
- Ethereum began another rise above the $3,850 resistance level.
- The price is trading above $3,850 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline forming with support at $3,860.
- The pair may continue to rise and test the $4,000 resistance zone in the near term.
Ethereum price hits $4,000
Ethereum price remained above the $3,650 support area. ETH began another rally, outperforming Bitcoin and surpassing the $3,750 level.
There was a move above the $3,850 resistance level. The bulls pushed the price above the $3,940 resistance level. It was trading close to the $4,000 resistance line. A high was made around $3,973 and the price is currently correcting an upward trend. It fell slightly below the $3,920 level.
The price fell below the 23.6% Fib retracement level, rising from the $3,630 swing low to the $3,973 high. Ethereum price is trading above $3,850 and the 100-hour simple moving average. There is also a major bullish trend line forming on the hourly chart of ETH/USD with support at $3,860.
Immediate resistance is near the $3,940 level. The first major resistance is near the $3,970 level. An upside reversal above the $3,970 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.
Another decline in ETH?
If Ethereum fails to clear the $3,940 resistance, it may continue to fall. Initial support for the downside is near the $3,860 level and trend line.
The next major support is near the $3,800 zone or the 50% Fib retracement level of the rise from the $3,630 swing low to the $3,973 high. A clear break below the $3,800 support could push the price towards $3,720. More losses could push the price towards the $3,630 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is still above the 50s.
Key Support Level – $3,800
Key Resistance Level – $3,940