Ethereum Price Gears Up for $4,000: Higher Highs In Sight?
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Ethereum price is rising from the $3,650 zone. ETH is gaining pace and might soon aim for a move above the $3,950 resistance zone.
Ethereum remained in a positive zone and stayed above the $3,680 zone.
The price is trading above $3,770 and the 100-hourly Simple Moving Average.
There was a break above a short-term bearish trend line with resistance at $3,870 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $3,890 resistance zone.
Ethereum Price Eyes More Upsides
Ethereum price remained well-bid above the $3,670 support zone. ETH formed a base and recently started a fresh increase above $3,720 beating Bitcoin. The bulls were able to push the price above the $3,780 resistance.
There was a clear move above the 50% Fib retracement level of the downward move from the $3,956 swing high to the $3,680 low. Besides, there was a break above a short-term bearish trend line with resistance at $3,870 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,780 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,890 level. It is near the 76.4% Fib retracement level of the downward move from the $3,956 swing high to the $3,680 low.
The first major resistance is near the $3,950 level. The main resistance is now forming near $3,980. A clear move above the $3,980 resistance might send the price toward the $4,000 resistance. An upside break above the $4,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,050 resistance zone or even $4,120.
Another Pullback In ETH?
If Ethereum fails to clear the $3,890 resistance, it could start another decline. Initial support on the downside is near the $3,820 level. The first major support sits near the $3,775 zone.
A clear move below the $3,775 support might push the price toward the $3,720 support. Any more losses might send the price toward the $3,650 support level in the near term. The next key support sits at $3,620.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,775
Major Resistance Level – $3,890
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