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The price of Ethereum started a nice rise above the $3,650 zone. ETH is now rising and may be aiming to move above the $3,900 protection zone.
- Ethereum started a nice rally above $3,650 and $3,680.
- The price is trading below $3,750 and the 100-hourly simple moving average.
- There was a break above the main bearish trend line with resistance at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $3,850 and $3,900 resistance levels.
Ethereum price is seeing more gains
The price of Ethereum remained stable above $3,500 and a new rise like Bitcoin began. ETH was able to climb above the $3,650 and $3,720 resistance levels.
There was a break above the main bearish trend line with resistance at $3,720 on the hourly chart of ETH/USD. The bulls pushed the pair above the 50% Fib level of the wave down from the $4,015 swing high to the $3,488 low.
The price was even higher than the $3,800 front range. The price of Ethereum is now trading above $3,750 and the 100-hourly simple moving average. On the upside, the price seems to be facing obstacles near the $3,850 level.
The first major resistance is near the $3,890 level or the 76.4% Fib level of the wave down from the $4,015 high to the $3,488 low. The main event now generates nearly $4,000. A clear move above the $4,000 resistance could send the price towards the $4,050 resistance.
An upside break against $4,050 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $4,150 or even $4,220.
Another hit in ETH?
If Ethereum fails to clear the $3,890 resistance, it could start another decline. Initial support on the downside is near the $3,800 level. The first major support is near the $3,750 area.
A clear move below the $3,750 support could push the price towards the $3,650 support. Any further losses could send the price towards the $3,550 support level soon. The next major support will be at $3,500.
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.
Senior Support Level – $3,750
Major Resistance Level – $3,890
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