Ethereum price started a decent rise above the $3,900 zone. ETH is consolidating gains and could aim for a move above the USD 4,000 resistance zone.
- Ethereum started a decent rise above USD 3,880 and USD 3,920.
- The price is trading below $3,920 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $3,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 3,980 and USD 4,020 resistance levels.
Ethereum price faces resistance
Ethereum’s price remained stable and rose above $3,850, but underperformed Bitcoin. ETH was able to climb above the USD 3,920 and USD 3,980 resistance levels.
There was a break above a key bearish trendline with resistance at $3,900 on the hourly chart of ETH/USD. The bulls pushed the pair above the USD 4,000 and USD 4,010 resistance levels. It reached a high at $4,019 and the price is now consolidating gains. There was a small decline below the USD 3,980 level.
The price even fell below the 23.6% Fib retracement level of the upward move from the $3,831 swing low to the $4,019 high. Ethereum price is now trading above $3,880 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles around the USD 4,000 level. The first major resistance is around the $4,020 level. The main resistance is now forming around $4,050. A clear move above the USD 4,050 resistance could send the price towards the USD 4,150 resistance.
An upside break above the USD 4,150 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,250 resistance zone or even USD 4,320.
Another drop in ETH?
If Ethereum fails to clear the $4,000 resistance, it could trigger another decline. Initial downside support is near the $3,920 level and the 50% Fib retracement level of the upward move from the $3,831 swing low to the $4,019 high. The first major support is near the $3,880 zone.
A clear move below the USD 3,880 support could push the price towards the USD 3,840 support. Any further losses could send the price towards the USD 3,750 support level in the near term. The next major support is at USD 3,650.
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 – $3,920
Major resistance level – $4,000
