Ethereum Price Surpasses $3,700, Eyes Break Above $3,750 Resistance
Ethereum price has increased above the $3,650 zone and is consolidating, targeting a move above the $3,750 resistance.
- Ethereum initiated a recovery wave above $3,700.
- The price is above $3,650 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $3,660 on the ETH/USD hourly chart (data feed via Kraken).
- The pair may continue to rise if it surpasses the $3,750 resistance level.
Ethereum Price Climbs Above $3,700
Ethereum price stabilized above $3,550 and progressed upward similarly to Bitcoin. ETH surpassed the $3,620 and $3,650 resistance levels.
Bulls exceeded the $3,700 resistance, facilitating movement toward $3,750. A high of $3,742 was recorded, followed by consolidation. A minor decline occurred below the 23.6% Fibonacci retracement level from the $3,593 swing low to the $3,742 high.
Currently, Ethereum trades above $3,660 and the 100-hourly Simple Moving Average. The bullish trend line near $3,660 aligns with the 50% Fibonacci retracement level from the same upward move.
Resistance is evident near the $3,710 level, with the primary resistance at $3,750. A significant resistance level is forming around $3,780. A clear break above this could lead to a rise towards the $3,850 resistance.
A break above the $3,850 resistance may signal further gains, potentially reaching the $3,920 resistance zone or even $4,000 soon.
Another Decline In ETH?
If Ethereum does not clear the $3,750 resistance, a decline may occur. Initial support is near $3,660 and the trend line, with major support at $3,620.
A drop below $3,620 could lead to a decline toward $3,550 and possibly down to $3,500. The next key support is at $3,420.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is above the 50 zone.
Major Support Level: $3,660
Major Resistance Level: $3,750