Ethereum Price Surges Above $3,600 with $4,000 Target
Ethereum price is increasing above the $3,600 zone. ETH shows bullish signs and may soon target a move above the $3,800 resistance.
- Ethereum began a significant increase from the $3,550 zone.
- The price is trading above $3,550 and the 100-hourly Simple Moving Average.
- A connecting bullish trend line is forming with support at $3,700 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its increase if it surpasses the $3,750 zone.
Ethereum Price Eyes Steady Increase
Ethereum price remained supported above $3,350 and initiated a fresh increase similar to Bitcoin. ETH surpassed the $3,450 and $3,550 resistance levels.
The price rose above the $3,700 level, reaching a high of $3,748 before consolidating gains. There was a minor decline below $3,720, testing the 23.6% Fibonacci retracement level of the upward wave from the $3,572 swing low to the $3,748 high.
Ethereum is now trading above $3,550 and the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $3,700 on the hourly chart of ETH/USD.
On the upside, the price faces hurdles near the $3,740 level. The first major resistance is at $3,750, with the main resistance forming near $3,800. A clear move above this level could propel the price toward $3,880. Further increases may lead Ether toward the $3,940 resistance zone or even $4,000.
Downside Correction In ETH?
If Ethereum fails to breach the $3,750 resistance, it may initiate another decline. Initial support is near the $3,700 level, with significant support around $3,675.
A move below the $3,675 support could push the price toward the 61.8% Fibonacci retracement level at $3,640. Additional losses might bring the price down to the $3,570 support level, with the next key support at $3,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 zone.
Major Support Level – $3,700
Major Resistance Level – $3,750