ethereum price climbs back above the $3,800 resistance. eth is now consolidating near $3,850 and forecasts a bullish break above $4,000 in the near term.
- ethereum started a fresh rise above the $3,750 resistance.
- The price is trading above $3,750 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $3,780 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to rise unless there is a break below the $3,540 support.
ethereum Price Still Supports More Advantages
ethereum price remained stable above the $3,540 support zone. eth formed a base, surpassed bitcoin and started another rise above the $3,650 level.
There was a move above the $3,750 resistance. The bulls pushed the price above the 50% retracement level of the downward move from the high of $3,944 to the low of $3,530. There is also a key bullish trend line forming with support at $3,780 on the hourly chart of eth/USD.
ethereum price is trading above $3,750 and the 100 hourly simple moving average. It is also above the 76.4% Fibonacci retracement level of the downward move from the high of $3944 to the low of $3530.
The immediate resistance is near the $3,880 level. The first major resistance is near the $3,920 level. A bullish break above the $3,920 resistance could send the price higher. The next key resistance lies at $4,000, above which the price could gain traction and rise towards the $4,080 level.
If there is a clear move above the $4,080 level, the price could rise and test the resistance of $4,220. Any further gains could send Ether towards the $4,350 resistance zone.
Another drop in eth?
If ethereum fails to overcome the $3,880 resistance, it could initiate another downward correction. Initial support on the downside is near the $3,800 level and the trend line.
The next major support is near the $3,735 area. A clear move below the $3,735 support could push the price towards $3,630. Any further losses could send the price towards the $3,540 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is still above the 50 zone.
Main Support Level: $3,800
Main Resistance Level: $3,880
