Ethereum price is slowly rising above the $3,800 resistance zone. ETH could gain bullish momentum if it breaks the resistance levels of $3,880 and $3,920.
- Ethereum is maintaining gains above the $3,800 level.
- The price is trading above $3,840 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trend line forming with support near $3,840.
- Unless the pair closes below the $3,800 support, it could start a new increase.
Ethereum price, more attention on the rise
Ethereum price remained stable above the $3,760 support zone. ETH formed a base and, like Bitcoin, began another rally above the $3,800 level.
There was movement above the $3,820 level and $3,840. The price tested the $3,880 resistance area. A high was formed at $3,884 and the price is currently consolidating gains within a certain range. It has already tested the 23.6% Fib retracement level from the $3,729 swing low to the $3,884 high.
Ethereum is currently trading above $3,800 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a major bullish trend line forming with support near $3,840.
If there is another increase, ETH may face resistance 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.
If bulls push Ethereum above the $4,080 level, the price could move higher and test the $4,200 resistance. Further gains could lead Ether towards the $4,320 resistance zone.
Are dips supported on ETH?
If Ethereum fails to clear the $3,880 resistance, a downward correction could begin. Initial support on the downside is near $3,840 and the trend line.
The next major support is near the $3,800 zone and the 50% Fib retracement level of the rise from the $3,729 swing low to the $3,884 high. A clear break below the $3,800 support could push the price towards $3,720. More losses could push the price towards the $3,650 level in the near term.
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 – $3,800
Key Resistance Level – $3,880