Ethereum price continued to rise and tested $3,840. ETH continues to rise and appears to be aiming for a move towards the $4,000 level.
- Ethereum has begun a new uptrend and traded above the $3,750 resistance zone.
- The price is trading above $3,700 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term bullish trend line forming with support at $3,710.
- The pair is likely to continue its rise unless it breaks below the $3,380 support.
Ethereum price aims for further profits
Ethereum price has started a new surge following reports that expectations for the ETH ETF are increasing. There was a move above the $3,500 and $3,650 resistance levels.
ETH has outperformed Bitcoin and crossed the $3,750 level. A new weekly high was formed at $3,838 and the price is currently consolidating its rise. It is trading well above the 23.6% Fib retracement level of the upwave from the swing low of $3,065 to the high of $3,838.
Ethereum is currently trading above $3,700 and its 100 hourly simple moving average. On the hourly chart of ETH/USD, a short-term bullish trend line has also formed with support at $3,710.
Immediate resistance is near the $3,840 level. The first major resistance level is near the $3,880 level. If the price breaks above the $3,880 resistance level, the price could move higher. The next major resistance lies at $3,950, above which the price could gain momentum and move towards the $4,000 level.
If there is a clear move above the $4,000 level, the price can move higher and test the resistance at $4,080. Any further upside could send Ether towards the resistance zone at $4,200.
Are ETH dips limited?
If Ethereum fails to clear the $3,840 resistance level, a downside correction could begin. Initial support on the downside is near the $3,710 level and trend line.
The next major support is near the $3,620 zone. A clear move below the $3,620 support could push the price towards $3,450, or the 50% Fib retracement level of the upwave from $3,065 low to $3,838 high. Any further losses could send the price towards the $3,380 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The ETH/USD RSI is currently correcting from the 75 zone.
Major Support Level – $3,620
Major Resistance Level – $3,840
