Ethereum Price Surges Above $3,750 with $4,000 Target Ahead
Ethereum price is rising from the $3,550 zone, showing bullish signs and potentially aiming for a move above the $3,920 resistance.
- Ethereum remains in a positive zone, staying above the $3,650 level.
- The price trades above $3,750 and the 100-hourly Simple Moving Average.
- A key bullish trend line forms with support at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to rise if it clears the $3,880 resistance zone.
Ethereum Price Starts Fresh Increase
Ethereum price remains above the $3,650 support zone. ETH formed a base and recently increased above $3,700, similar to Bitcoin. The bulls pushed the price above the $3,800 resistance.
A high was established at $3,895, with the price showing positive signs. It is stable above the 23.6% Fib retracement level of the upward move from the $3,505 swing low to the $3,895 high. A key bullish trend line is forming with support at $3,800 on the hourly chart of ETH/USD.
Ethereum trades above $3,750 and the 100-hourly Simple Moving Average. The price faces hurdles near the $3,895 level, with the first major resistance near $3,920 and main resistance forming near $3,950.
A clear move above the $3,950 resistance may push the price toward the $4,000 resistance, with potential gains leading to the $4,050 or $4,120 levels.
Another Drop In ETH?
If Ethereum fails to clear the $3,920 resistance, it may start another decline. Initial support is near the $3,800 level, with major support at the $3,750 zone.
A move below the $3,750 support could push the price toward the $3,700 support or the 50% Fib retracement level of the upward move from the $3,505 swing low to the $3,895 high. Further losses may lead to the $3,650 support level, with the next key support at $3,600.
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: $3,700
Major Resistance Level: $3,920