Ethereum price started a recovery wave from $3,700. ETH is moving higher but faces some key hurdles near USD 3,900 and USD 3,955.
- Ethereum started a new recovery above USD 3,780 and USD 3,820.
- The price is trading above USD 3,850 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $3,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it trades above $3,920.
Ethereum price eyes upside breakout
Ethereum price started a small recovery wave from the $3,710 zone, just like Bitcoin. ETH price surpassed the USD 3,800 and USD 3,820 levels and entered a positive zone for the short term.
The price even spiked above $3,880, but the bears were active near the 50% Fib retracement level of the downward move from the $4,110 swing high to the $3,708 low. Additionally, a bearish trendline is forming with resistance at $3,900 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,850 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 3,880 level and the trendline.
The next major resistance is near the $3,955 level or the 61.8% Fib retracement level of the downward move from the $4,110 swing high to the $3,708 low. The first major resistance is around the $4,020 level. A clear move above the USD 4,020 resistance could send the price towards the USD 4,120 resistance. An upside break above the $4,120 region could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,150 or even USD 4,165 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,900 resistance, it could trigger another decline. The initial downside support is near the $3,820 level. The first major support is near the $3,800 zone.
A clear move below the USD 3,800 support could push the price towards the USD 3,720 support. Any further losses could send the price towards the $3,650 region in the near term. The next major support is at $3,620.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,800
Major resistance level – $3,900