The price of Ethereum is slowly rising above the $3,800 resistance zone. ETH is likely to gain bullish momentum if it breaks out of the $3,880 and $3,920 resistance levels.
- Ethereum continues to rise above the $3,800 level.
- The price is trading above $3,840 and the 100 hourly simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a key bullish trend line forming with support near the $3,840 level.
- Barring a close below the $3,800 support, the pair could begin a new uptrend.
Ethereum price aims for further rise
Ethereum price is stabilizing above the $3,760 support zone, as ETH has formed a base and started to rise again above the $3,800 level, just like Bitcoin.
There have been moves above $3,820 and $3,840. The price has tested the resistance zone at $3,880. A high was formed at $3,884 and the price is currently consolidating profits within the range. It has already tested the 23.6% Fib retracement level of the rise from the swing low of $3,729 to the high of $3,884.
Ethereum is currently trading above $3,800 and the 100-hourly simple moving average, and a key bullish trend line is forming with support near $3,840 on the hourly chart of ETH/USD.
If it rises further, ETH may face resistance near $3,880. The first major resistance is near $3,920. Above the $3,920 resistance, the price could rise. The next major resistance is $4,000, above which the price could gain momentum and move towards $4,080.
If the bulls can propel Ether above $4,080, the price can move higher and test the resistance at $4,200. A further upswing can send Ether towards the resistance zone at $4,320.
Does ETH support Dips?
If Ethereum fails to break above the resistance at $3,880, a downward correction could begin to set in. Initial support on the downside is near $3,840 and the trend line.
The next major support is near the $3,800 zone and the 50% Fib retracement level of the rise from the swing low of $3,729 to the high of $3,884. A clear break below the $3,800 support could push the price to $3,720. Further declines could push the price to the $3,650 level in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Key Support Level – $3,800
Key Resistance Level – $3,880
