Ethereum Price Moves Above $3,780, Eyes $4,000 Resistance
Ethereum price is rising from the $3,650 zone, gaining momentum and potentially targeting a move above the $3,950 resistance.
- Ethereum remains in a positive zone, staying above $3,680.
- The price trades above $3,770 and the 100-hourly Simple Moving Average.
- A break occurred above a short-term bearish trend line with resistance at $3,870 on the ETH/USD hourly chart (data feed via Kraken).
- The pair may continue to rise if it clears the $3,890 resistance zone.
Ethereum Price Eyes More Upsides
Ethereum price is well-supported above the $3,670 zone, forming a base for a recent increase above $3,720. The price surpassed the $3,780 resistance level.
A clear move above the 50% Fibonacci retracement level occurred from the $3,956 swing high to the $3,680 low, along with a break above the bearish trend line at $3,870.
Currently, Ethereum trades above $3,780 and the 100-hourly Simple Moving Average. Resistance appears near the $3,890 level, close to the 76.4% Fibonacci retracement level of the downward move.
The first major resistance is near $3,950, while the main resistance is forming around $3,980. A clear move above $3,980 could propel the price toward $4,000 and potentially up to $4,050 or $4,120.
Another Pullback In ETH?
If Ethereum fails to surpass the $3,890 resistance, another decline may occur. Initial support is near $3,820, with major support at $3,775.
A move below $3,775 may lead to a drop toward $3,720, followed by the $3,650 support level. The next key support sits at $3,620.
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 50.
Major Support Level: $3,775
Major Resistance Level: $3,890