Ethereum Price Surges Above $3,650, Eyes $3,900 Resistance
Ethereum price began a significant increase above the $3,650 zone and may target a move beyond the $3,900 resistance.
- Ethereum started an increase above $3,650 and $3,680.
- The price is trading below $3,750 and the 100-hourly Simple Moving Average.
- A break occurred above a key bearish trend line with resistance at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).
- Further upward movement is possible if it surpasses the $3,850 and $3,900 resistance levels.
Ethereum Price Eyes More Gains
Ethereum price remained stable above $3,500 and initiated a fresh increase. ETH climbed above the $3,650 and $3,720 resistance levels.
A break occurred above a key bearish trend line at $3,720 on the hourly chart. The price surpassed the 50% Fib retracement level from the $4,015 swing high to the $3,488 low.
The price spiked above the $3,800 resistance zone. Currently, Ethereum trades above $3,750 and the 100-hourly Simple Moving Average, facing resistance near the $3,850 level.
The first major resistance is near $3,890 or the 76.4% Fib retracement level from the $4,015 high to the $3,488 low. The main resistance is forming near $4,000. A clear move above $4,000 could lead to a rise toward the $4,050 resistance.
An upside break above the $4,050 resistance might indicate further gains, potentially leading Ether towards the $4,150 or $4,220 resistance zones.
Another Drop In ETH?
If Ethereum fails to surpass the $3,890 resistance, it may experience another decline. Initial support is near the $3,800 level, with major support at $3,750.
A clear drop below the $3,750 support could push the price towards the $3,650 support. Additional losses might lead to a decline towards the $3,550 support level, with the next key support at $3,500.
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 – $3,750
Major Resistance Level – $3,890