Ethereum Price Gears Up for $4,000: Higher Highs In Sight?
Ethereum price is rising from the $3,650 area. ETH is accelerating and may break above the $3,950 resistance zone soon.
- Ethereum remains in positive territory and remains above the $3,680 area.
- The price is trading above $3,770 and the 100 hourly simple moving average.
- There is a break above the short-term bearish trend line with resistance at $3,870 on the hourly chart of ETH/USD (data via Kraken).
- The pair is likely to continue rising if it breaks the $3,890 resistance zone.
Ethereum price expected to rise
Ethereum price remains above the $3,670 support area. ETH formed a base and recently started a fresh rise, breaking above $3,720 Bitcoin. The bulls were able to push the price above the $3,780 resistance.
The downtrend from the swing high of $3,956 to the low of $3,680 is significantly above the 50% Fibonacci retracement level. Additionally, there was a break above the short-term bearish trend line with resistance at $3,870 on the hourly chart of ETH/USD.
Ethereum price is currently trading above $3,780, 100 hour simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,890 level. It is close to the 76.4% Fib retracement level of the downward move from the swing high of $3,956 to low of $3,680.
The first major resistance level is near $3,950. Major resistance is currently forming near $3,980. A clear break above the $3,980 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 pullback again?
If Ethereum fails to break the $3,890 resistance, it may start another decline. Initial support on the downside is near $3,820. The first major support is located near the $3,775 area.
A clear break below the $3,775 support could push the price towards the $3,720 support. Any further losses could push the price towards the $3,650 support in the near term. The next key support level is $3,620.
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 – $3,775
Major Resistance – $3,890