Ethereum price expanded its rise to $3,950. ETH is now consolidating gains and could target a move above the $4,000 resistance.
- Ethereum traded at a new multi-month high above $3,940.
- The price is trading above $3,850 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a short-term bullish flag pattern with resistance at $3,830.
- A break above the $3,940 resistance area could resume the advance.
Ethereum price still maintains strong upward trend
Unlike Bitcoin, the price of Ethereum continued to rise above the $3,850 level. BTC failed to extend its gains beyond the $68,000 area and is currently consolidating its gains. However, ETH quietly rose above $3,850.
On the hourly chart of ETH/USD, a breakout occurred above a short-term bullish flag pattern with resistance at $3,830. The pair broke the $3,900 resistance zone. It traded at multi-month highs above $3,940 and recently began a consolidation phase.
There was a decline below the $3,900 level. The price tested the 23.6% Fib retracement level of the recent increase from the $3,716 swing low to the $3,943 high.
Ethereum is currently trading above $3,850 and the 100-hour simple moving average. Immediate upside resistance is near the $3,920 level. The first major resistance is near the $3,940 level. The next major resistance level is near $4,000, above which the price could gain upward momentum.
Source: ETHUSD on TradingView.com
The next stop for the bulls could be near the $4,080 level. A move above the $4,080 resistance may cause Ethereum to rebound towards the $4,220 resistance. A test of $4,350 may be needed for further gains.
Are dips limited in ETH?
If Ethereum fails to clear the $3,940 resistance, another downward correction could begin. Initial support for the downside is near the $3,850 level.
The first major support is near the $3,800 area or the 76.4% Fib retracement level of the recent increase from the $3,716 swing low to the $3,943 high. The next major support could be the $3,720 zone. A clear move below the $3,720 support could lead the price towards $3,550. Any more losses could push the price down to the $3,400 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 above the 50 level.
Key Support Level – $3,720
Key Resistance Level – $3,940
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