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Ethereum price started a decent rise above the $3,650 zone. ETH is now rising and could target a move above the $3,900 resistance zone.
- Ethereum started a decent rise above USD 3,650 and USD 3,680.
- The price is trading below $3,750 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 3,850 and USD 3,900 resistance levels.
Ethereum price expects more gains
The price of Ethereum remained stable above $3,500 and, like Bitcoin, started a new rise. ETH was able to climb above the USD 3,650 and USD 3,720 resistance levels.
There was a break above a key bearish trendline with resistance at $3,720 on the hourly chart of ETH/USD. The bulls pushed the pair above the 50% Fib retracement level of the downwave from the $4,015 swing high to the $3,488 low.
The price even spiked above the USD 3,800 resistance zone. Ethereum price is now trading above $3,750 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,850 level.
The first major resistance is near the $3,890 level or the 76.4% Fib retracement level of the downward wave from the $4,015 swing high to the $3,488 low. 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 4,050 resistance.
An upside break above the USD 4,050 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,150 or even USD 4,220 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,890 resistance, it could trigger another decline. The initial downside support is near the USD 3,800 level. The first major support is near the $3,750 zone.
A clear move below the USD 3,750 support could push the price towards the USD 3,650 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 – $3,750
Major resistance level – $3,890