Ethereum Faces Resistance at $3,850 Amidst Recovery Attempts
Ethereum's price is experiencing a recovery, rising from $3,700 but facing resistance at several key levels.
- ETH has moved above $3,750 and $3,800.
- The price is currently below $3,850, hindered by the 100-hourly Simple Moving Average.
- A short-term bearish trend line presents resistance at $3,850.
- The price could increase if it surpasses $3,920.
Resistance and Support Levels
- Immediate resistance: $3,840 to $3,850.
- Next key resistance: $3,920, aligning with the 50% Fib retracement level.
- Major resistance: $3,950; breaking this may push ETH towards $4,020.
- If unable to clear $3,850, potential decline to initial support at $3,800.
- Further support: $3,740, then $3,700, with the next significant level at $3,620.
Technical Indicators
- Hourly MACD indicates losing momentum in the bearish zone.
- Hourly RSI is below the 50 zone, indicating weaker momentum.