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Ethereum price has started a decent rise above the $3,950 zone. ETH is consolidating gains and could aim for a move above the $4,150 resistance zone.
Ethereum started a decent rally above $3,950 and $4,000. The price is trading below the 100-hour simple moving average at $3,980. On the hourly chart of ETH/USD (data feed via Kraken), a major bullish trend line is forming with support at $3,940. If the pair clears the resistance levels at $4,080 and $4,120, the pair could continue higher.
Ethereum price regains momentum
Ethereum price remained stable and rose above $3,880, but fell below Bitcoin. ETH was able to break above the $3,980 and $4,000 resistance levels.
The bulls pushed the pair above the $4,050 and $4,080 resistance levels. A high was formed at $4,107 before falling back. There was a slight decline below the $4,000 level. The price has traded as low as $3,946 and is now rising.
There was a move above the 23.6% Fib retracement level of the decline from the swing high of $4,107 to the low of $3,946. Ethereum price is currently trading above $4,000 and its 100 hourly simple moving average. On the hourly chart of ETH/USD, there is also an important bullish trend line forming with support at $3,940.
On the upside, the price appears to be facing a hurdle near the $4,025 level. The first major resistance is near the $4,070 level, or the 76.4% fib retracement level of the decline from the swing high of $4,107 to the low of $3,946.
Source: ETHUSD on TradingView.com
The main resistance level is currently forming around $4,120. A clear break above the $4,120 resistance could send the price towards the $4,250 resistance. A break above the $4,250 resistance could require further upside in the coming sessions. In the above case, Ether could rise towards the $4,350 resistance zone and even $4,500.
ETH downward price correction?
If Ethereum fails to break through the $4,120 resistance level, further declines could begin. Initial support on the downside is near the $3,980 level. The first major support is located near the $3,940 zone.
A clear move below the $3,940 support could push the price towards the $3,880 support. Any further losses could send the price towards the $3,800 support level in the short term. The next significant support is $3,750.
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 – $3,940
High resistance level – $4,120
