Ethereum price started a recovery wave from $3,700. ETH is moving higher but faces some key hurdles near USD 3,850 and USD 3,920.
- Ethereum started a new recovery above USD 3,750 and USD 3,800.
- The price is trading below $3,850 and the 100-hourly Simple Moving Average.
- A short-term bearish trendline is forming at resistance at $3,850 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 drops again
Ethereum price started a small recovery wave from the $3,700 zone, just like Bitcoin. ETH price surpassed the USD 3,750 and USD 3,800 levels and entered a positive zone for the short term.
The price even crossed the 23.6% Fib retracement level of the downward move from the $4,110 swing high to the $3,708 low. However, the bears remained active near the USD 3,840 resistance zone and prevented an upward continuation.
Ethereum price is now trading below $3,850 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance around the $3,845 level. Moreover, in the short term, a bearish trendline is forming with resistance at $3,850 on the hourly chart of ETH/USD.
The next major resistance is near the $3,920 level or the 50% 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 $3,950 level.
A clear move above the USD 3,950 resistance could send the price towards the USD 4,020 resistance. An upside break above the $4,020 region could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance zone of $4,120 or even $4,150 in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,850 resistance, it could trigger another decline. The initial downside support is near the $3,800 level. The first major support is near the $3,740 zone.
A clear move below the USD 3,740 support could push the price towards the USD 3,700 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 bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,740
Major resistance level – $3,850