Ethereum price started a nice rise above the $3,950 zone. ETH is consolidating gains and could aim for a move above the $4,150 defense zone.
- Ethereum started a nice rise above $3,950 and $4,000.
- The price is trading below $3,980 and the 100-hourly simple moving average.
- A major bullish trend line is forming with support at $3,940 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $4,080 and $4,120 resistance levels.
The Ethereum exchange rate is going up against the dollar
Ethereum price remained steady and extended gains above $3,880 but underperformed Bitcoin. ETH was able to climb above the $3,980 and $4,000 resistance levels.
The bulls pushed the pair above the $4,050 and $4,080 resistance levels. A high was formed at $4,107 before a pullback. There was a slight decline below the $4,000 level. The price was trading as low as $3,946 and it is now getting up.
There was a move above the 23.6% Fib level of the move down from the $4,107 swing high to the $3,946 low. The price of Ethereum is now trading above $4,000 and the 100-hour simple moving average. There is also a major bullish trend line forming with support at $3,940 on the hourly chart of ETH/USD.
On the upside, the price appears to be facing obstacles near the $4,025 level. The first major resistance is near the $4,070 level or the 76.4% Fib level of the move down from the $4,107 high to the $3,946 low.
The main resistance is currently coming to a level near $4,120. A clear move above the $4,120 resistance could send the price towards the $4,250 resistance. An upside break against $4,250 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $4,350 or even $4,500.
Downside correction in ETH?
If Ethereum fails to clear the $4,120 resistance, it could start another decline. Initial support on the downside is near the $3,980 level. The first major support is near the $3,940 area.
A clear move below the $3,940 support could push the price towards the $3,880 support. Any further losses could send the price towards the $3,800 support level soon. The next major support will be at $3,750.
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.
Prime Level Support – $3,940
Major resistance level – $4,120
