đ„đ„đ„ #Ethereum Price Consolidates As The #Bulls Aim For Surge Above $4K
Ethereum's price surge has propelled it towards the $3,900 mark, indicating a potential push beyond the crucial $4,000 resistance level.
Witnessing a climb to a new multi-month peak above $3,880, Ethereum continues to trade comfortably above $3,700, supported by the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD provided by Kraken, a bullish flag pattern is emerging, with resistance seen at $3,850.
In the event of a breakthrough above the $3,850 resistance, Ethereum could resume its upward trajectory. The immediate hurdle lies at the $3,880 level, followed by a significant resistance near $3,920. A successful breach above these levels may set the stage for a bullish surge towards the psychological barrier of $4,000, with further upside potential towards $4,080 and $4,120.
However, failure to overcome the $3,850 resistance could prompt a downside correction. Initial support is expected around $3,740, with more substantial support seen near the $3,650 zone. Further downside movement could target the $3,550 level or even the 50% Fibonacci retracement level around $3,550. A decisive break below these support levels might lead to a deeper decline towards $3,400 or $3,320.
Assessing technical indicators, the MACD for ETH/USD is showing signs of weakening bullish momentum, while the hourly RSI is currently above the 50 level.
Key Levels to Watch:
- Major Support Level: $3,650
- Major Resistance Level: $3,850
Source - newsbtc.com
