Pause in Ethereum Price! What Will the Next Big Move Be?
Cryptocurrency Ethereum stepped into a consolidation phase above the $3,650 support. The leading altcoin seems to be preparing for a new move towards $ 4,000 in the short term. Ethereum entered a pause phase after testing the $3,840 resistance zone. Currently, the price is trading above the $3,700 level. There is a short-term triangle formation forming with support at $3,690 on the hourly chart of the ETH/USD pair. The pair could continue its upward move unless it breaks below the $3,450 support.
Ethereum Price Continues to Maintain Its Strength
Ethereum continued its rise by pushing its price above the $3,500 and $3,650 resistance levels. During this period, ETH, which performed better than Bitcoin, gained remarkable momentum by exceeding the $ 3,800 level. A new weekly high was recorded at $3,838 and the price is currently consolidating these gains.
Ethereum, which managed to hold above the 23.6% Fibonacci retracement level of the upward move from $065 to $3,838, is currently trading above $3,700. Moreover, there is a short-term contracting triangle forming with support at $3,690 on the hourly chart of the ETH/USD pair.
Critical Resistance Levels for ETH
The immediate resistance level for Ethereum is near $3,780. The first major resistance is at $ 3,840. If this resistance is overcome, the price may start a new upward wave. The next major resistance lies at $3,920, above which the price could gain traction and rally towards $4,000.
