Ethereum is set to hit a historic high: Can it break through?
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Ethereum's price has started to rise significantly above the $3,950 region. ETH is consolidating its gains and may aim for resistance above $4,150.
Ethereum price regains momentum
The price of Ethereum remains stable and continues its upward trend, breaking above $3,880, but is underperforming compared to Bitcoin. ETH is able to climb above the resistance levels of $3,980 and $4,000.
Bulls are pushing the currency pair to break through the resistance levels of $4,050 and $4,080. Before a pullback, the currency pair formed a high at $4,107. It slightly declined below $4,000. The price traded as low as $3,946 and is currently rising.
The price broke through the 23.6% Fibonacci retracement level from the high of $4,107 to the low of $3,946. The current trading price of Ethereum is above $4,000 and the 100-hour simple moving average. A key bullish trend line has also formed on the ETH/USD hourly chart, with support at $3,940.
On the upside, the price seems to face resistance around $4,025. The first major resistance level is near $4,070, which is the 76.4% Fibonacci retracement level of the downward move from the high of $4,107 to the low of $3,946.
The current major resistance level is forming near $4,120. If it clearly breaks above the resistance level of $4,120, the price may drop towards the resistance level of $4,250. If it breaks the resistance level of $4,250, more upward movement may occur in the next few trading days. In this case, Ethereum could rise towards the resistance level of $4,350 or even $4,500.
Is ETH experiencing a downward correction?
If Ethereum fails to break above the resistance level of $4,120, it may drop again. The initial support level on the downside is near $3,980. The first major support level is around $3,940.
Falling below the support level of $3,940 may push the price towards the support level of $3,880. If the price declines further, it may drop towards the support level of $3,800 in the short term. The next key support level is at $3,750.
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