The Ethereum price started a nice rise above the $3,750 zone. ETH is consolidating gains and could aim for a move above the $3,980 defense zone.
- Ethereum started a nice rise above $3,750 and $3,800.
- The price is trading below $3,800 and the 100-hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $3,950 and $3,980 resistance levels.
The price of Ethereum is surpassing Bitcoin
Ethereum price remained stable and extended gains above hitting $3,750 Bitcoin. ETH was able to climb above the $3,800 and $3,880 resistance levels.
The bulls pushed the pair above the $3,920 and $3,950 resistance levels. A high was formed at $3,988 and the price is now consolidating gains. There was a slight decline below the $3,920 level. The price even fell below the 23.6% Fib level of the move up from the $3,527 swing low to the $3,988 high.
The price of Ethereum is now trading above $3,800 and the exchange rate of Ethereum has increased against the US dollar 100-hour simple moving average. There is also a connecting bullish trend line forming with support at $3,840 on the hourly chart of ETH/USD.
On the upside, the price appears to be facing obstacles near the $3,950 level. The first major resistance is near the $3,980 level. The main event now generates nearly $4,000. A clear move above the $4,000 resistance could send the price towards the $4,150 resistance.
An upside break against $4,150 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $4,250 or even $4,320.
Another decline in ETH?
If Ethereum fails to clear the $3,980 resistance, it could start another decline. Initial support on the downside is near the $3,840 level and the trendline. The first major support sits near the $3,750 zone or the 50% Fib level of the move up from the $3,527 low to the $3,988 high.
A clear move below the $3,750 support could push the price towards the $3,665 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.
Prime Level Support – $3,840
Major Resistance Level – $3,980
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