Ethereum Price Consolidates Gains Above $3,900 Amid Resistance Challenges
Ethereum price has shown an upward trend, surpassing the $3,900 area. ETH is consolidating gains and may target a move above the $4,000 resistance level.
- Ethereum initiated an increase above $3,880 and $3,920.
- The price remains below $3,920 and the 100-hourly Simple Moving Average.
- A significant break occurred above a bearish trend line at $3,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $3,980 and $4,020 resistance levels.
Ethereum Price Faces Resistance
Ethereum price stabilized and extended gains above $3,850 but lagged behind Bitcoin. ETH climbed above the $3,920 and $3,980 resistance levels.
A key bearish trend line was breached at $3,900 on the hourly chart of ETH/USD. The price surpassed the $4,000 and $4,010 resistance levels, forming a high at $4,019 before experiencing minor consolidation. It dipped below the $3,980 level and the 23.6% Fib retracement level of the upward move from the $3,831 swing low to the $4,019 high. Currently, Ethereum trades above $3,880 and the 100-hourly Simple Moving Average.
On the upside, hurdles are apparent near the $4,000 level, with initial major resistance around $4,020 and primary resistance forming near $4,050. A clear move above $4,050 could lead to a surge toward $4,150.
An upside breakout beyond $4,150 might prompt further gains, potentially pushing Ether toward the $4,250 or even $4,320 resistance zones.
Potential Decline in ETH
If Ethereum cannot breach the $4,000 resistance, a decline may ensue. Initial support is near $3,920 and the 50% Fib retracement level of the upward move from the $3,831 swing low to the $4,019 high. The first major support level is around $3,880.
A drop below the $3,880 support could drive the price down to $3,840, with further losses possibly leading to a target of $3,750 in the short term. The next key support level is at $3,650.
Technical Indicators
Hourly MACD: The MACD for ETH/USD shows increasing momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above the 50 level.
Major Support Level: $3,920
Major Resistance Level: $4,000