💥💥💥 #Ethereum Price Indicators Flash Green: More Upsides Ahead?
Ethereum's price is gradually climbing above the crucial $3,800 resistance area, signaling potential for further bullish momentum upon surpassing the $3,880 and $3,920 resistance levels.
Ethereum Maintains Strength
- Ethereum has sustained its gains above the $3,800 level, with the price trading above $3,840 and the 100-hourly Simple Moving Average (SMA). A notable bullish trend line is forming with support near $3,840 on the hourly chart of ETH/USD, sourced from Kraken data.
Upside Potential for Ethereum
- Ethereum's price found stability above the $3,760 support, establishing a foundation for another upward move akin to Bitcoin's trajectory. The recent ascent saw Ethereum surpass the $3,820 and $3,840 levels, testing the crucial $3,880 resistance zone. A peak was reached at $3,884, and the price is currently consolidating within a range.
- If the uptrend continues, Ethereum may face resistance at $3,880 and $3,920. Breaking above $3,920 could lead to further gains towards the $4,000 resistance, and potentially $4,080.
Potential Support and Correction Levels
- In the event of a failed attempt to breach the $3,880 resistance, Ethereum could initiate a downside correction. Initial support awaits near $3,840 and the bullish trend line. Further support lies at the $3,800 zone, along with the 50% Fib retracement level of the recent upward move from the $3,729 swing low to the $3,884 high.
- A decisive drop below $3,800 might lead to a test of $3,720, followed by potential downside movement towards $3,650.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is exhibiting increasing bullish momentum.
- Hourly RSI: The RSI for ETH/USD is currently above the 50 zone, indicating positive sentiment.
Key Levels to Watch
- Major Support: $3,800
- Major Resistance: $3,880
Ethereum's current price dynamics suggest the possibility of further upside movement, contingent upon successful breaches of key resistance levels.
Source - newsbtc.com
