Ethereum Price Rockets Up: $4,000 Target Inches Closer
Ethereum price is rising from the $3,550 area. ETH is showing bullish signs and may break above the $3,920 resistance zone soon.
- Ethereum remains in positive territory and remains above the $3,650 area.
- The price is trading above $3,750 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $3,800 on the hourly chart of ETH/USD (data via Kraken).
- The pair is likely to continue rising if it breaks the $3,880 resistance zone.
Ethereum price begins a new round of rise
Ethereum price remains above the $3,650 support area. ETH formed a base and recently started a fresh rise above $3,700, e.g. Bitcoin. The bulls were able to push the price above the $3,800 resistance.
Highs were formed at $3,895 and the current price is showing a lot of positive signs. It settled above the 23.6% Fib retracement level of the upward move from the $3,505 swing low to $3,895 high. There is also a key bullish trend line forming with support at $3,800 on the hourly chart of ETH/USD.
Ethereum price is currently trading above $3,750 and the 100 hourly simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,895 level. The first major resistance level is near $3,920. Major resistance is currently forming near $3,950.
A clear break above the $3,950 resistance could push the price towards the $4,000 resistance. An upside break above the $4,000 resistance could bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $4,050 resistance zone or even $4,120.
ETH falling again?
If Ethereum fails to break above the $3,920 resistance, it may start another decline. Initial support on the downside is near $3,800. The first major support is located near the $3,750 area.
A clear move below the $3,750 support could push the price toward the $3,700 support or the 50% Fibonacci retracement level of the upward move from the $3,505 swing low to $3,895 high. Any further losses could push the price towards the $3,650 support in the near term. The next key support level is $3,600.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is currently above the 50 area.
Major Support Level – $3,700
Major Resistance – $3,920
