Ethereum price started a decent increase above the $3,750 zone. ETH is consolidating gains and might aim for a move above the $3,980 resistance zone.
Ethereum started a decent increase above $3,750 and $3,800.
The price is trading below $3,800 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it clears the $3,950 and $3,980 resistance levels.
Ethereum Price Outpaces Bitcoin
Ethereum price remained stable and extended gains above $3,750 beating Bitcoin. ETH was able to climb above the $3,800 and $3,880 resistance levels.
The bulls pushed the pair above the $3,920 and $3,950 resistance levels. A high was formed at $3,988 and the price is now consolidating gains. There was a minor decline below the $3,920 level. The price even dipped below the 23.6% Fib retracement level of the upward move from the $3,527 swing low to the $3,988 high.
Ethereum price is now trading above $3,800 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,840 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $3,950 level. The first major resistance is near the $3,980 level. The main resistance is now forming near $4,000. A clear move above the $4,000 resistance might send the price toward the $4,150 resistance.
An upside break above the $4,150 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,250 resistance zone or even $4,320.
Another Decline In ETH?
If Ethereum fails to clear the $3,980 resistance, it could start another decline. Initial support on the downside is near the $3,840 level and the trend line. The first major support sits near the $3,750 zone or the 50% Fib retracement level of the upward move from the $3,527 swing low to the $3,988 high.
A clear move below the $3,750 support might push the price toward the $3,665 support. Any more losses might send the price toward the $3,550 support level in the near term. The next key support sits at $3,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,840
Major Resistance Level – $3,980
Source: NewsBTC.com
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