Ethereum Price Sets Sights on New Peaks: Anticipating a Bullish Breakout

Ethereum's price is climbing above the $3,800 resistance level. Currently consolidating around $3,850, ETH is poised for a potential breakout above $4,000 soon.

Key Points:

- Fresh Increase: Ethereum has started a new upward move, surpassing the $3,750 resistance.

- Current Trading: The price is holding above $3,750 & the 100-hourly Simple Moving Average.

- Support Trend Line: A key bullish trend line with support at $3,780 is forming on the hourly chart of ETH/USD (data feed via Kraken).

- Further Upside: The pair could continue rising unless it breaks below the $3,540 support level.

Price Analysis:

Ethereum remained steady above $3,540, outperforming Bitcoin & rallying above $3,650. It surpassed $3,750, with bulls pushing the price past the 50% Fib retracement level from $3,944 to $3,530. A bullish trend line with support at $3,780 on the hourly chart is a key indicator.

Currently, Ethereum is trading above $3,750 & the 100-hourly Simple Moving Average. It has also moved above the 76.4% Fib retracement level of the previous decline from $3,944 to $3,530.

Resistance Levels:

- Immediate Resistance: $3,880

- First Major Resistance: $3,920

- Key Resistance: $4,000 (a breakout here could drive the price higher toward $4,080)

- Further Gains: If $4,080 is surpassed, ETH might test $4,220, with potential to reach the $4,350 resistance zone.

Downside Correction:

If Ethereum fails to break the $3,880 resistance, a downside correction might occur. The initial support on the downside is around $3,800 near the trend line.

Major Support Levels:

- $3,735: A drop below this level could push the price toward $3,630.

- $3,540: Further losses might drive ETH to this level.

Technical Indicators:

- MACD (Hourly): Gaining momentum in the bullish zone.

- RSI (Hourly): Positioned above the 50 zone, indicating bullish momentum.

Ethereum's overall trend remains positive, with strong support & the potential for significant upside if key resistance levels are breached.

Source - newsbtc.com