Ethereum Bulls Charge Ahead: $4K Within Grasp
Ethereum price is rising above the $3,600 area. ETH is showing bullish signs and may break above the $3,800 resistance zone soon.
- Ethereum started its sharp rise from the $3,550 area.
- The price is trading above $3,550 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $3,700 on the hourly chart of ETH/USD (data via Kraken).
- If the $3,750 area is exceeded, the pair may resume its upward move.
Ethereum price rises steadily
Ethereum price remains above $3,350 and begins a new round of gains Bitcoin. ETH broke above the $3,450 and $3,550 resistance levels.
Bulls pushed the price above $3,700. A high was formed at $3,748 and the price is now consolidating gains. It fell slightly below $3,720. The price declined and tested the 23.6% Fib retracement level of the upward wave from the $3,572 swing low to $3,748 high.
Ethereum price is currently trading above $3,550, 100 hour simple moving average. A connecting bullish trend line has also formed on the hourly chart of ETH/USD with support at $3,700.
On the bright side, the price seems to be facing a hurdle near the $3,740 level. The first major resistance level is near $3,750. Major resistance is now forming near $3,800. A clear break above the $3,800 resistance may push the price towards the $3,880 resistance. An upside break above the $3,880 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $3,940 resistance zone or even $4,000.
ETH downside correction?
If Ethereum fails to break above the $3,750 resistance, it may start another decline. Initial support on the downside is near $3,700. The first major support is located near the $3,675 area.
A clear break below the $3,675 support could push the price towards the 61.8% Fib retracement of the upward move from the $3,572 swing low to $3,748 high at $3,640. Any further losses may push the price towards the $3,570 support in the near term. The next key support is located at $3,550.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing 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 – $3,750
