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Ethereum price is rising from the $3,650 zone. ETH is gaining speed and could soon aim for a move above the USD 3,950 resistance zone.
- Ethereum remained in a positive zone and remained above the $3,680 zone.
- The price is trading above USD 3,770 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bearish trendline with resistance at $3,870 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks the $3,890 resistance zone.
Ethereum price has more upsides
Ethereum price remained well above the USD 3,670 support zone. ETH formed a base and recently started a new rise above $3,720, beating Bitcoin. The bulls were able to push the price above the USD 3,780 resistance.
There was a clear move above the 50% Fib retracement level of the downward move from the $3,956 swing high to the $3,680 low. Additionally, there was a break above a short-term bearish trendline with resistance at $3,870 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,780 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,890 level. It is close to the 76.4% Fib retracement level of the downward move from the $3,956 swing high to the $3,680 low.
The first major resistance is around the $3,950 level. The main resistance is now forming around $3,980. A clear move above the USD 3,980 resistance could send the price towards the USD 4,000 resistance. An upside break above the USD 4,000 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,050 resistance zone or even USD 4,120.
Another pullback in ETH?
If Ethereum fails to clear the USD 3,890 resistance, it could trigger another decline. The initial downside support is near the $3,820 level. The first major support is near the $3,775 zone.
A clear move below the USD 3,775 support could push the price towards the USD 3,720 support. Any further losses could send the price towards the USD 3,650 support level in the near term. The next major support is at $3,620.
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 – $3,775
Major resistance level – $3,890
