Ethereum Price Holds Steady, $4K Remains The Goal
Ethereum price recovered from the $3,500 area. ETH is showing bullish signs and may break above the $3,700 resistance zone soon.
- Ethereum remains in positive territory and remains above the $3,500 area.
- The price is trading above $3,620 and the 100 hourly simple moving average.
- There was a break above the connecting bearish trend line with resistance at $3,600 on the hourly chart of ETH/USD (data via Kraken).
- If the $3,700 area is exceeded, the pair may resume its upward move.
Ethereum price rises again
Ethereum price failed to break above the $3,680 resistance zone and corrected some gains, e.g. Bitcoin. ETH fell below the $3,600 and $3,550 support levels. It even retested the $3,500 support.
A low was formed at $3,505 and the price is now attempting a new leg higher. The price rose above $3,600 and $3,620. The price cleared the 50% Fibonacci retracement level of the downward move from the $3,760 swing high to $3,505 low.
Additionally, there was a break above the connecting bearish trend line with resistance at $3,600 on the hourly chart of ETH/USD. Ethereum price is currently trading above $3,600 100 hour simple moving average.
On the bright side, the price seems to be facing a hurdle near the $3,680 level. The first major resistance level is near $3,700, the 76.4% Fibonacci retracement level of the downward move from the $3,760 swing high to $3,505 low. Major resistance is now forming near $3,750.
A clear break above the $3,750 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 $4,000 resistance zone or even $4,120.
ETH falling again?
If Ethereum fails to break the $3,700 resistance, it may start another decline. Initial support on the downside is near $3,600. The first major support is located near the $3,550 area.
A clear break below the $3,550 support could push the price towards the $3,500 support. If there is further decline, the price may move towards the $3,420 support in the near term. The next key support is located at $3,350.
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 – $3,600
Major Resistance – $3,700
