Ethereum price started a decent rise above the $3,750 zone. ETH is consolidating gains and could aim to break above the $3,980 resistance zone.
- Ethereum started a decent rise above $3,750 and $3,800.
- The price is trading below $3800 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks the $3,950 and $3,980 resistance levels.
Ethereum price surpasses Bitcoin
Ethereum price remained stable and extended its gains above $3,750 outperforming Bitcoin. ETH was able to overcome the $3,800 and $3,880 resistance levels.
The bulls pushed the pair above the $3,920 and $3,950 resistance levels. A high was formed at $3,988 and the price is now consolidating gains. There was a small drop below the $3,920 level. The price even fell below the 23.6% Fibonacci retracement level of the upward move from the low of $3,527 to the high of $3,988.
Ethereum price is now trading above $3,800 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $3,840 on the hourly chart of ETH/USD.
On the upside, the price seems to face obstacles near the $3,950 level. The first major resistance is near the $3,980 level. The main resistance is now forming near $4,000. A clear move above the $4,000 resistance could send the price towards the $4,150 resistance.
A bullish break above the $4,150 resistance could require more gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $4,250 or even $4,320.
Another drop in ETH?
If Ethereum fails to overcome the $3,980 resistance, it could start another decline. Initial support on the downside is near the $3,840 level and the trend line. The first major support lies near the $3,750 zone or the 50% Fibonacci retracement level of the upward move from the low of $3,527 to the high of $3,988.
A clear move below the $3,750 support could push the price towards the $3,665 support. Any further losses could send the price towards the $3,550 support level in the near term. The next key support lies at $3,500.
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: $3,840
Main Resistance Level: $3,980
