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Ethereum price started a decent rise above the $3,950 zone. ETH is consolidating gains and could aim for a move above the USD 4,150 resistance zone.
- Ethereum started a decent rise above USD 3,950 and USD 4,000.
- The price is trading below $3,980 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,940 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 4,080 and USD 4,120 resistance levels.
Ethereum price regains momentum
Ethereum’s price remained stable and rose above $3,880, but underperformed Bitcoin. ETH was able to climb above the USD 3,980 and USD 4,000 resistance levels.
The bulls pushed the pair above the $4,050 and $4,080 resistance levels. It reached a high of $4,107 before a pullback. There was a small decline below the $4,000 level. The price traded as low as $3,946 and is currently rising.
There was a move above the 23.6% Fib retracement level of the downward move from the $4,107 swing high to the $3,946 low. The Ethereum price is now trading above $4,000 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $3,940 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 4,025 level. The first major resistance is near the $4,070 level or the 76.4% Fib retracement level of the downward move from the $4,107 swing high to the $3,946 low.
The main resistance is now forming around $4,120. A clear move above the USD 4,120 resistance could send the price towards the USD 4,250 resistance. An upside break above the USD 4,250 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,350 or even USD 4,500 resistance zone.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 4,120 resistance, it could trigger another decline. The initial downside support is near the $3,980 level. The first major support is near the $3,940 zone.
A clear move below the USD 3,940 support could push the price towards the USD 3,880 support. Any further losses could send the price towards the USD 3,800 support level in the near term. The next major support is at USD 3,750.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,940
Major resistance level – $4,120