#Ethereum $ETH has continued to rise and tested the $3,840 level. ETH is holding on to gains and appears to be aiming for $4,000.

- Ethereum started a new rally and traded above the $3,750 resistance area.

- Price is trading above $3,700 and above the 100 hour moving average.

- On the hourly chart, there is a short-term rising trend line forming with support at $3,710

1- The pair may continue to rise unless there is a break below the $3,380 support.

Ethereum price has started to increase strongly following the news of increased hopes for #ETFEthereum #ETF ETH. There was a rally above the $3,500 and $3,650 levels.

ETH surpassed Bitcoin and even rose above $3,750. A new weekly high was formed at $3,838 and the price is currently consolidating profits. It is trading above the 23.6% Fib retracement level from the $3,065 swing low to $3,838 high.

Currently, Ethereum is trading above $3,700 and the 100 hourly moving average. There is also a short-term rising trend line forming with support at $3,710 on the hourly chart.

Immediate resistance lies near the $3,840 level. The first major resistance lies near the $3,880 level. An upside break above the $3,880 resistance could push the price higher. The next major resistance lies at $3,950, above which the price could rally towards $4,000.

If there is a clear rally above $4,000, the price could rally and test the $4,080 resistance. Any further gains could take Ether to the $4,200 resistance area.

2- Does #ETH have limits on adjustments?

If Ethereum fails to clear the $3,840 resistance level, a downside correction is likely to begin. Initial support on the downside lies near the $3,710 level and the trendline.

The next major support is near the $3,620 area. A clear move below the $3,620 support could push the price to $3,450 or the 50% Fib retracement from the $3,065 swing low to $3,838 high. Any further losses could push the price towards $3,380 in the near future.