Ethereum price is slowly rising above the USD 3,800 resistance zone. ETH could gain bullish momentum if it overcomes the USD 3,880 and USD 3,920 resistance levels.
- Ethereum holds gains above the USD 3,800 level.
- The price is trading above USD 3,840 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise unless there is a close below the $3,800 support.
Ethereum price has more upsides
Ethereum price held steady above the USD 3,760 support zone. ETH formed a base and started a new rise above the USD 3,800 level, just like Bitcoin.
There was a move above the USD 3,820 and USD 3,840 levels. The price tested the USD 3,880 resistance zone. A high was reached at $3,884 and the price is now consolidating gains within a range. It already tested the 23.6% Fib retracement level of the upward move from the $3,729 swing low to the $3,884 high.
Ethereum is now trading above $3,800 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support near $3,840 on the hourly chart of ETH/USD.
If another rise occurs, ETH could encounter resistance near the $3,880 level. The first major resistance is around the $3,920 level. An upside break above the USD 3,920 resistance could send the price higher. The next major resistance is at USD 4,000, above which the price could gain strength and rise towards the USD 4,080 level.
If the bulls push Ether above the USD 4,080 level, the price could rise and test the USD 4,200 resistance. Even more gains could send Ether towards the USD 4,320 resistance zone.
Are dips supported in ETH?
If Ethereum fails to clear the USD 3,880 resistance, it could initiate a downward correction. The initial downside support is near $3,840 and is on the trendline.
The next major support is near the $3,800 zone and the 50% Fib retracement level of the upward move from the $3,729 swing low to the $3,884 high. A clear move below the USD 3,800 support could push the price towards USD 3,720. Any further losses could send the price towards the USD 3,650 level in the near term.
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 – $3,800
Major resistance level – $3,880
