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ethereum price is rising from the $3,650 zone. eth is gaining pace and could soon aim to break above the $3,950 resistance zone.
- ethereum remained in a positive zone and held above the $3,680 zone.
- The price is trading above $3,770 and the 100 hourly simple moving average.
- There was a break above a short-term bearish trend line with resistance at $3,870 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to rise if it breaks the $3,890 resistance zone.
ethereum price sees more upside
ethereum price remained well bid above the $3,670 support zone. eth formed a base and recently started a new rise above $3,720 outperforming bitcoin. The bulls were able to push the price above the $3,780 resistance.
There was a clear move above the 50% Fibonacci retracement level of the downward move from the high of $3,956 to the low of $3,680. Additionally, there was a break above a short-term downtrend line with resistance at $3,870 on the hourly chart of eth/USD.
ethereum price is now trading above $3,780 and the 100 hourly simple moving average. On the upside, the price seems to face obstacles near the $3,890 level. It is close to the 76.4% Fibonacci retracement level of the downside move from the high of $3,956 to the low of $3,680.
The first major resistance is near the $3,950 level. The main resistance is now forming near $3,980. A clear move above the $3,980 resistance could send the price towards the $4,000 resistance. A bullish break above the $4,000 resistance could require further gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $4,050 or even $4,120.
Another pullback in eth?
If ethereum fails to overcome the $3,890 resistance, it could start another decline. Initial support on the downside is near the $3,820 level. The first major support lies near the $3,775 area.
A clear move below the $3,775 support could push the price towards the $3,720 support. Any further losses could send the price towards the $3,650 support level in the near term. The next key support lies at $3,620.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 zone.
Main Support Level: $3,775
Main Resistance Level: $3,890
