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Ethereum price has started a decent rise above the $3,650 zone. ETH is currently on the rise and could aim for a move above the $3,900 resistance zone.
Ethereum started a decent rally above $3,650 and $3,680. The price is trading below the 100-hour simple moving average at $3,750. On the hourly chart of ETH/USD (data feed via Kraken), the pair has broken above the major bearish trendline with resistance at $3,720. If the pair clears the $3,850 and $3,900 resistance levels, the pair could continue higher.
Ethereum price aims for further rise
Ethereum price has stabilized above $3,500 and started a new rally similar to Bitcoin. ETH was able to break above the $3,650 and $3,720 resistance levels.
On the hourly chart of ETH/USD, the pair has broken out above the major bearish trend line with resistance at $3,720. The bulls pushed the pair above the 50% Fib retracement level of the downwave from the swing high of $4,015 to the low of $3,488.
The price further surged above the $3,800 resistance zone. Ethereum price is currently trading above $3,750 and its 100-hour simple moving average. On the upside, the price appears to be facing a hurdle near the $3,850 level.
The first major resistance is near the $3,890 level, or the 76.4% Fib retracement level of the downwave from the $4,015 high to the $3,488 low. The main resistance level is currently forming near $4,000. If there is a clear break above the $4,000 resistance, the price could head towards the $4,050 resistance.
Source: ETHUSD on TradingView.com
A break above the $4,050 resistance could require further upside in the coming sessions. In the above case, Ether could rise towards the $4,150 resistance zone and even $4,220.
Will you drop ETH again?
If Ethereum fails to break through the resistance at $3,890, further decline could begin. Initial support on the downside is near the $3,800 level. The first major support is located near the $3,750 zone.
A clear move below the $3,750 support could push the price towards the $3,650 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 – $3,750
High resistance level – $3,890
