Ethereum price extended its rise above the USD 3,900 resistance. ETH is now consolidating near $3,880 and could potentially rise further in the near term.
- Ethereum started to rise again above the USD 3,850 resistance.
- The price is trading above USD 3,850 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise and test the $4,000 resistance zone in the short term.
Ethereum price expected to reach $4,000
Ethereum price remained supported above the USD 3,650 support zone. ETH started to rise again, outperforming Bitcoin and climbing above the USD 3,750 level.
There was a move above the USD 3,850 resistance. The bulls pushed the price above the USD 3,940 resistance. It was trading close to the USD 4,000 resistance. A high was formed near USD 3,973 and the price is now correcting gains. There was a small decline below the USD 3,920 level.
The price fell below the 23.6% Fib retracement level of the upward move from the $3,630 swing low to the $3,973 high. Ethereum price is trading above $3,850 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $3,860 on the hourly chart of ETH/USD.
Immediate resistance is near the $3,940 level. The first major resistance is around the $3,970 level. An upside break above the USD 3,970 resistance could send the price higher. The next major resistance is at USD 4,000, above which the price could gain strength and rise towards the USD 4,080 level.
If there is a clear move above the USD 4,080 level, the price could rise and test the USD 4,220 resistance. Even more gains could send Ether towards the USD 4,350 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,940 resistance, it could continue falling. The initial downside support is near the $3,860 level and the trendline.
The next major support is near the $3,800 zone or the 50% Fib retracement level of the upward move from the $3,630 swing low to the $3,973 high. A clear move below the USD 3,800 support could push the price towards USD 3,720. Any further losses could send the price towards the USD 3,630 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is still above the 50 zone.
Major support level – $3,800
Major resistance level – $3,940