Ethereum price is still struggling to break the USD 4,000 resistance zone. ETH could consolidate above $3,600 for some time before the bulls gain strength.
- Ethereum traded to a new multi-month high above $3,980.
- The price is trading near USD 3,850 and the 100-hour Simple Moving Average.
- A short-term breakout pattern is forming with resistance at $3,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its rise if it crosses the $3,950 resistance zone.
Ethereum price revisits $4K
Ethereum price extended its rally above the $3,900 level, as did Bitcoin. ETH reached the USD 3,950 level and traded close to the USD 4,000 resistance zone. It traded to a new multi-month high above $3,990 and recently entered a consolidation phase.
There was a pullback below the USD 3,920 level. The price tested the 23.6% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. Ethereum price is now consolidating near $3,850 and the 100-hourly Simple Moving Average.
A short-term breakout pattern is also forming with resistance at $3,950 on the hourly chart of ETH/USD. If the pair remains above the USD 3,800 level, it could attempt another rise. The immediate resistance on the upside is near the $3,900 level.
Source: ETHUSD on TradingView.com
The first major resistance is around the $3,940 level. The next major resistance is near USD 4,000, above which the price could gain bullish momentum. In the mentioned case, Ether could rise towards the USD 4,120 level. If a move occurs above the USD 4,120 resistance, Ethereum could even rise towards the USD 4,220 resistance. Any gains could require a $4,350 test.
Are dips limited in ETH?
If Ethereum fails to clear the USD 3,950 resistance, it could start another downside correction. The initial downside support is near the $3,800 level.
The first major support is near the $3,600 zone or the 50% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. The next major support could be the $3,400 zone. A clear move below the USD 3,400 support could send the price towards USD 3,250. Any further losses could send the price towards the USD 3,120 level.
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 now below the 50 level.
Major support level – $3,800
Major resistance level – $3,950
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