Ethereum price continued to rise above the $3,900 resistance. ETH is currently hovering around the $3,880 mark and is likely to continue to rise in the short term.
- Ethereum has risen above the resistance at $3,850 and begun to rise again.
- The price is trading above $3,850 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a major bullish trend line is forming with support at $3,860.
- The currency pair can continue to rise and may test the $4,000 resistance zone in the short term.
Ethereum Price Aims for $4,000
Ethereum price remains supported above the $3,650 support zone. ETH has started to rise again, outperforming Bitcoin and surpassing the $3,750 level.
It broke above the resistance at $3,850. The bulls pushed the price above the resistance at $3,940. It traded close to the resistance at $4,000. The high was formed near $3,973 and the price is now correcting the gains. Below the $3,920 levels, it witnessed a minor drop.
The price has fallen below the 23.6% Fib retracement level of the rise from the swing low of $3,630 to a high of $3,973. Ethereum price is trading above $3,850 and the 100 hourly simple moving average. Also, a major bullish trend line is forming with support at $3,860 on the hourly chart of ETH/USD.
The immediate resistance is near $3,940. The first major resistance is near $3,970. If the price can break above the $3,970 resistance, it can move higher. The next major resistance is at $4,000, above which the price can pick up momentum and move towards $4,080.
A clear breakout above the $4,080 level can send the price up and test the resistance at $4,220. A further upswing can send Ethereum heading towards the $4,350 resistance zone.
Will ETH fall again?
If Ethereum fails to break out of the resistance at $3,940, it may continue to fall. The first support on the downside is near the $3,860 level and the trendline.
The next major support is near the $3,800 zone or the 50% Fib retracement level of the rise from the swing low of $3,630 to the high of $3,973. A clear break below the $3,800 support could push the price to $3,720. A further decline could push the price to the $3,630 level in the short term.
Technical Indicators
Hourly MACD – ETH/USD’s MACD is losing momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI remains above the 50 zone.
Key Support Level – $3,800
Key Resistance Level – $3,940
