The price of Ethereum is rising above the $3,600 range. ETH is showing bullish signs and may soon aim for a target above the resistance level of $3,800.

  • Ethereum began to rise significantly from the level of $3,550.

  • The price is trading above $3,550 and the 100-hour simple moving average.

  • There is a bullish trend line forming with support at $3,700 on the hourly chart of ETH/USD (data provided by Kraken).

  • This currency pair could continue to rise if it surpasses the threshold of $3,750.

The price of Ethereum is heading towards stable growth.

The price of Ethereum remains supported above $3,350 and starts to rise again like Bitcoin. ETH has managed to break through the resistance levels of $3,450 and $3,550.

Buyers pushed the price above $3,700. A high was established at $3,748 and the price is currently consolidating the gains. There is a slight drop below $3,720. The price has decreased and tested the 23.6% Fib retracement level of the upward wave from the low of $3,572 to the high of $3,748.

The current price of Ethereum is trading above $3,550 and the 100-hour simple moving average. Additionally, there is a bullish trend line forming with support at $3,700 on the hourly chart of ETH/USD.

On the positive side, the price seems to be facing a barrier near $3,740. The first major resistance level is near $3,750. The main resistance is currently forming near $3,800. A clear move above the resistance of $3,800 could bring the price to the resistance level of $3,880. A breakout above the resistance of $3,880 could require more gains in the upcoming sessions. In that case, Ether could rise to the resistance area of $3,940 or even $4,000.

ETH's bearish correction?

If Ethereum does not break through the resistance at $3,750, it may start another downward trend. Initial support on the decline is near $3,700. The first major support is near the area of $3,675.

A clear move below the support level of $3,675 could push the price down to the Fib retracement level of 61.8% of the upward wave from the low of $3,572 to the high of $3,748, which is $3,640. Any further losses could push the price down to the support level of $3,570 in the near term. The next important support level is at $3,550.

Technical Indicators

  • Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

  • Hourly RSI – The RSI for ETH/USD is currently above the 50 area.

  • Key support – $3,700

  • Key resistance – $3,750