Ethereum price started a decent rise above the $3,750 zone. ETH is consolidating gains and could aim for a move above the USD 3,980 resistance zone.
- Ethereum started a decent rise above USD 3,750 and USD 3,800.
- The price is trading below $3,800 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 3,950 and USD 3,980 resistance levels.
Ethereum price surpasses Bitcoin
Ethereum’s price held steady and extended gains above $3,750, beating Bitcoin. ETH was able to climb above the USD 3,800 and USD 3,880 resistance levels.
The bulls pushed the pair above the $3,920 and $3,950 resistance levels. It reached a high at $3,988 and the price is now consolidating gains. There was a small decline below the USD 3,920 level. The price even fell below the 23.6% Fib retracement level of the upward move from the $3,527 swing low to the $3,988 high.
The Ethereum price is now trading above $3,800 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,840 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 3,950 level. The first major resistance is around the $3,980 level. The main resistance is now forming around $4,000. A clear move above the USD 4,000 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 USD 3,980 resistance, it could trigger another decline. The initial downside support is near the $3,840 level and the trendline. The first major support is near the $3,750 zone or the 50% Fib retracement level of the upward move from the $3,527 swing low to the $3,988 high.
A clear move below the USD 3,750 support could push the price towards the USD 3,665 support. Any further losses could send the price towards the USD 3,550 support level in the near term. The next major support is at $3,500.
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 – $3,840
Major resistance level – $3,980