ethereum price extended its rise towards $3,900. eth is now consolidating gains and could aim to break through the $4,000 resistance.
- ethereum traded to a new multi-month high above $3,880.
- The price is trading above $3,700 and the 100 hourly simple moving average.
- A short-term bullish flag pattern is forming with resistance at $3,850 on the hourly chart of eth/USD (data via Kraken).
- The pair could resume its rise if it breaks the $3,850 resistance zone.
ethereum price points higher
ethereum price extended its rally above the $3,750 level, as did bitcoin. btc failed to extend the gains above the $69,200 zone, but eth surpassed the $3,850 level.
It traded at a new multi-month high above $3,880 and recently began a consolidation phase. There was a pullback below the $3,800 level. The price tested the 23.6% Fibonacci retracement level of the recent wave from the low of $3,211 to the high of $3,898.
ethereum is now trading above $3,700 and the 100 hourly simple moving average. The immediate resistance on the upside is near the $3,850 level. There is also a short-term bullish flag pattern forming with resistance at $3,850 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
The first major resistance is near the $3,880 level. The next major resistance is near $3,920, above which the price could gain bullish momentum. The next stop for the bulls could be near the $4,000 level. If there is a move above the $4,000 resistance, Ether could even rise towards the $4,080 resistance. Any additional winnings could require a test of $4,120.
Another drop in eth?
If ethereum fails to overcome the $3,850 resistance, it could initiate another downward correction. Initial support on the downside is near the $3,740 level.
The first major support is near the $3,650 area. The next key support could be the $3,550 zone or the 50% Fibonacci retracement level of the recent wave from the low of $3,211 to the high of $3,898. A clear move below the $3,550 support could send the price towards $3,400. Any further losses could send the price towards the $3,320 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $3,650
Main Resistance Level: $3,850
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