Ethereum price has started a decent rise above the $3,900 zone. ETH is consolidating gains and could aim for a move above the $4,000 resistance zone.
Ethereum started a decent rally above $3,880 and $3,920. The price is trading below the 100-hour simple moving average at $3,920. On the hourly chart of ETH/USD (data feed via Kraken), the pair has broken above a major bearish trendline with resistance at $3,900. If the pair clears the resistance levels at $3,980 and $4,020, the pair could continue higher.
Ethereum price faces resistance
Ethereum price remained stable and rose above $3,850, but fell below Bitcoin. ETH was able to break above the $3,920 and $3,980 resistance levels.
On the hourly chart of ETH/USD, the pair broke above the major bearish trend line with resistance at $3,900. The bulls pushed the pair above the $4,000 and $4,010 resistance levels. A high was formed at $4,019 and the price is currently consolidating its upside. There was a slight decline below the $3,980 level.
Price even fell below the 23.6% Fib retracement level of the swing low of $3,831 to high of $4,019. Ethereum price is currently trading above $3,880 and its 100-hour simple moving average.
On the upside, the price appears to be facing a hurdle near the $4,000 level. The first major resistance level is near the $4,020 level. The main resistance level is currently forming around $4,050. A clear break above the $4,050 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 $4,000 resistance, further declines could begin. Initial support on the downside is near the $3,920 level and the 50% Fib retracement level of the rise from the swing low of $3,831 to the high of $4,019. The first major support is located near the $3,880 zone.
A clear move below the $3,880 support could push the price towards the $3,840 support. Any further losses could send the price towards the $3,750 support level in the short term. The next significant support is $3,650.
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 – $3,920
High resistance level – $4,000
