Ethereum price is struggling to break the USD 3,840 resistance zone. ETH could gain bullish momentum if it overcomes the USD 3,840 and USD 3,880 resistance levels.
- Ethereum holds gains above the USD 3,720 level.
- The price is trading above USD 3,750 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support near $3,760 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise unless there is a close below the $3,720 support.
Ethereum price holds support
Ethereum price again fell below the USD 3,760 support zone. ETH retested the $3,720 support and remained well bid. A low was formed at $3,728 and the price started to rise again, just like Bitcoin.
There was a move above the USD 3,800 level, but the bears were active again around USD 3,840. A high was reached at $3,836 and the price is now consolidating gains within a range. It is trading just below the 23.6% Fib retracement level of the upward move from the $3,728 swing low to the $3,836 high.
Ethereum is now trading above $3,760 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support near $3,760 on the hourly chart of ETH/USD.
If another rise occurs, ETH could encounter resistance near the $3,820 level. The first major resistance is around the $3,840 level. An upside break above the USD 3,840 resistance could send the price higher. The next major resistance is at USD 3,920, above which the price could gain strength and rise towards the USD 4,000 level.
If the bulls push Ether above the USD 4,000 level, the price could rise and test the USD 4,080 resistance. Even more gains could send Ether towards the USD 4,220 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,840 resistance, it could trigger another decline. The initial downside support is near $3,780 and the 50% Fib retracement level of the upward move from the $3,728 swing low to the $3,836 high.
The next major support is near the $3,760 zone. A clear move below the USD 3,760 support could push the price towards USD 3,720. Any further losses could send the price towards the USD 3,650 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 now above the 50 zone.
Major support level – $3,760
Major resistance level – $3,840