Ethereum price is still struggling to break the $4,000 resistance zone. ETH may consolidate above $3,600 for some time before the strength strengthens.
- Ethereum traded at a new multi-month high above $3,980.
- The price is trading near $3,850 and the 100-hourly simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term breakout pattern forming with resistance at $3,950.
- A break above the $3,950 resistance area could resume the advance.
Ethereum price revisits $4K
Ethereum price, like Bitcoin, continued its upward trend above the $3,900 level. ETH broke the $3,950 level and was trading near the $4,000 resistance zone. It traded at a new multi-month high above $3,990 and recently began a consolidation phase.
There was a decline below the $3,920 level. The price tested the 23.6% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. Ethereum price is currently consolidating near $3,850 and the 100-hourly simple moving average.
There is also a short-term breakout pattern on the hourly chart of ETH/USD with resistance forming at $3,950. If the pair holds above the $3,800 level, a further hike could be attempted. Immediate upside resistance is near the $3,900 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,940 level. The next major resistance is near $4,000, above which the price could gain upward momentum. If specified, Ethereum could rise to the $4,120 level. If there is a move above the $4,120 resistance level, Ethereum may rise towards the $4,220 resistance level. A test of $4,350 may be needed for further gains.
Are dips limited in ETH?
If Ethereum fails to clear the $3,950 resistance, another downward correction could begin. Initial support for the downside is near the $3,800 level.
The first major support is near the $3,600 area or the 50% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. The next major support could be the $3,400 zone. A clear move below the $3,400 support could lead the price towards $3,250. Any more losses could push the price down to the $3,120 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,800
Key Resistance Level – $3,950
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