Ethereum price started a fresh increase above the $3,750 zone. ETH is now showing bullish signs and might continue to rise toward the $3,950 zone.
- Ethereum started a fresh increase above the $3,750 level.
- The price is trading above $3,650 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains supported above the $3,650 zone in the near term.
Ethereum Price Rises Further Above $3,800
Ethereum price started a fresh increase above the $3,650 zone, outperforming Bitcoin. ETH price gained pace for a move above the $3,750 resistance zone to remain in a positive zone.
The bulls even pumped the price above $3,800. Finally, it tested the $3,860 zone. A high was formed at $3,859 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,031 swing low to the $3,859 high.
Ethereum price is now trading above $3,700 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,720 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $3,800 level. The next key resistance is near the $3,860 level. The first major resistance is near the $3,920 level. A clear move above the $3,920 resistance might send the price toward the $3,950 resistance.
An upside break above the $3,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,200 in the near term.
Are Downsides Limited In ETH?
If Ethereum fails to clear the $3,800 resistance, it could start a downside correction. Initial support on the downside is near the $3,720 level. The first major support sits near the $3,650 zone.
A clear move below the $3,620 support might push the price toward the $3,550 support. Any more losses might send the price toward the $3,450 support level in the near term. The next key support sits at $3,320.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,650
Major Resistance Level – $3,860