Ethereum Price Momentum Explodes—Is the Path to $4K Wide Open?

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Ethereum price started a fresh increase above the $3,750 zone. ETH is now showing bullish signs and might continue to rise toward the $3,950 zone.

  • Ethereum started a fresh increase above the $3,750 level.

  • The price is trading above $3,650 and the 100-hourly Simple Moving Average.

  • There is a key bullish trend line forming with support at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could start a fresh increase if it remains supported above the $3,650 zone in the near term.

Ethereum Price Rises Further Above $3,800

Ethereum price started a fresh increase above the $3,650 zone, outperforming Bitcoin. ETH price gained pace for a move above the $3,750 resistance zone to remain in a positive zone.

The bulls even pumped the price above $3,800. Finally, it tested the $3,860 zone. A high was formed at $3,859 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,031 swing low to the $3,859 high.

Ethereum price is now trading above $3,700 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,720 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $3,800 level. The next key resistance is near the $3,860 level. The first major resistance is near the $3,920 level. A clear move above the $3,920 resistance might send the price toward the $3,950 resistance.

Ethereum Price

An upside break above the $3,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,200 in the near term.

Are Downsides Limited In ETH?

If Ethereum fails to clear the $3,800 resistance, it could start a downside correction. Initial support on the downside is near the $3,720 level. The first major support sits near the $3,650 zone.

A clear move below the $3,620 support might push the price toward the $3,550 support. Any more losses might send the price toward the $3,450 support level in the near term. The next key support sits at $3,320.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,650

Major Resistance Level – $3,860

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Bitcoin Climbs to $111.5K as Altcoins Struggle Ahead of Payroll ReportBitcoin saw a modest rise on Friday, buoyed by gains across risk-sensitive markets as investors awaited the release of U.S. nonfarm payrolls data.
Author  Mitrade
Sept 05, Fri
Bitcoin saw a modest rise on Friday, buoyed by gains across risk-sensitive markets as investors awaited the release of U.S. nonfarm payrolls data.
placeholder
Bitcoin Slides to $111K Ahead of PCE Inflation Data, Faces Monthly DeclineBitcoin experienced volatile trading on Friday, sliding close to $111,000 as investors awaited critical U.S.
Author  Mitrade
Aug 29, Fri
Bitcoin experienced volatile trading on Friday, sliding close to $111,000 as investors awaited critical U.S.
placeholder
Bitcoin Dips Below $113K Near Six-Week Low Despite Federal Reserve Cut ExpectationsBitcoin dipped beneath the $113,000 mark on Monday, wiping out the strong rally sparked by Federal Reserve Chair Jerome Powell’s dovish comments.
Author  Mitrade
Aug 25, Mon
Bitcoin dipped beneath the $113,000 mark on Monday, wiping out the strong rally sparked by Federal Reserve Chair Jerome Powell’s dovish comments.
placeholder
Bitcoin Dips to Two-Week Low Around $113K Ahead of Fed Jackson Hole EventBitcoin continued its downward trajectory on Wednesday, hitting a two-week low as investors trimmed their positions ahead of the Federal Reserve’s upcoming Jackson Hole symposium.
Author  Mitrade
Aug 20, Wed
Bitcoin continued its downward trajectory on Wednesday, hitting a two-week low as investors trimmed their positions ahead of the Federal Reserve’s upcoming Jackson Hole symposium.
placeholder
Bitcoin Falls Below $116,000 Amid Growing Macro UncertaintyBitcoin slid below the 116,000 mark on Monday, retreating sharply from its record highs achieved last week.
Author  Mitrade
Aug 18, Mon
Bitcoin slid below the 116,000 mark on Monday, retreating sharply from its record highs achieved last week.
Real-time Quote