Ethereum price has started a decent rise above the $3,750 zone. ETH is consolidating gains and could aim for a move above the $3,980 resistance zone.
Ethereum started a decent rally above $3,750 and $3,800. The price is trading below $3,800 and the 100-hour simple moving average. On the hourly chart of ETH/USD (data feed via Kraken), a bullish trend line has formed connecting at $3,840 as support. If the pair clears the resistance levels at $3,950 and $3,980, the pair could continue higher.
Ethereum price exceeds Bitcoin
Ethereum price remained stable and continued to rise above $3,750, outpacing Bitcoin. ETH was able to break above 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 currently consolidating its upside. There was a slight decline below the $3,920 level. Price even fell below the 23.6% Fib retracement level of the swing low of $3,527 to high of $3,988.
Ethereum price is currently trading above $3,800 and its 100-hour simple moving average. On the ETH/USD hourly chart, there is also a connecting bullish trend line forming with support at $3,840.
On the upside, the price appears to be facing a hurdle near the $3,950 level. The first major resistance level is near the $3,980 level. The main resistance level is currently forming near $4,000. A clear break above the $4,000 resistance could send the price heading towards the $4,150 resistance.
A break above the $4,150 resistance could require further upside in the coming sessions. In the above case, Ether could rise toward the $4,250 resistance zone or even $4,320.
Will ETH fall again?
If Ethereum fails to break through the $3,980 resistance level, further declines could begin. Initial support on the downside is near the $3,840 level and trend line. The first major support lies near the $3,750 zone, or the 50% Fib retracement level of the swing low of $3,527 to 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 short term. The next major support is $3,500.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $3,840
High resistance level – $3,980
