Ethereum price rises above $3,700
Ethereum price remains stable above $3,550 and continues its upward momentum like Bitcoin. ETH is expected to break through the resistance levels of $3,620 and $3,650.
Bulls were able to break through the resistance level of $3,700. This opens the door to the level of $3,750. The high was formed at $3,742, and the current price is consolidating the gains. The 23.6% Fibonacci retracement of the upward trend from the swing low of $3,593 to the high of $3,742 has slightly declined.
The current trading price of Ethereum is above $3,660 and the 100-hour simple moving average. A bullish trend line has also formed on the hourly chart of ETH/USD, with a support level at $3,660. This trend line is close to the 50% Fibonacci retracement of the upward move from the swing low of $3,593 to the high of $3,742.
On the upside, the price seems to face resistance around $3,710. The first major resistance level is around $3,750. The current major resistance level is near $3,780. If there is a clear break above the resistance level of $3,780, it could push the price towards the resistance level of $3,850.
Breaking through the resistance level of $3,850 could bring more gains in the coming trading days. In this case, Ether might rise to the resistance level of $3,920 or even $4,000 in the short term.
Is ETH going down again?
If Ethereum fails to break through the resistance level of $3,750, it may drop again. The initial support level on the downside is near $3,660 and around the trend line. The first major support level is around $3,620.
Falling below the support level of $3,620 could push the price towards the support level of $3,550. If the price drops further, it may fall towards the support level of $3,500 in the short term. The next key support level is at $3,420.