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The price of Ethereum began a decent increase above the $3,650 zone. ETH is now rising and could aim for a move above the $3,900 resistance zone.
- Ethereum started a decent increase above $3,650 and $3,680.
- The price is trading below $3,750 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue higher if it clears the $3,850 and $3,900 resistance levels.
Ethereum price points to further gains
The price of Ethereum remained stable above $3,500 and began a new increase like Bitcoin. ETH managed to break above the $3,650 and $3,720 resistance levels.
There was a break above a key downtrend line with resistance at $3,720 on the ETH/USD hourly chart. The bulls pushed the pair above the 50% Fib retracement level of the bearish wave from the $4,015 high to the $3,488 low.
The price even rose above the $3,800 resistance zone. Ethereum price is now trading above $3,750 and the 100 hourly simple moving average. On the bright side, the price appears to be facing hurdles near the $3,850 level.
The first major resistance is near the $3,890 level or the 76.4% Fibonacci retracement level of the bearish wave from the swing high of $4,015 to the low of $3,488. Major resistance is now forming near $4,000. A clear move above the $4,000 resistance could send the price towards the $4,050 resistance.
An upside break above the $4,050 resistance could prompt further gains in the coming sessions. In this case, Ether could rise towards the resistance zone of $4,150 or even $4,220.
Another ETH drop?
If Ethereum fails to break out of the $3,890 resistance, it could begin another decline. Initial downside support is near the $3,800 level. The first major support is located near the $3,750 zone.
A clear move below the $3,750 support could push the price towards the $3,650 support. Any further losses could push the price towards the $3,550 support level in the near term. The next key support lies 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.
Major support level: $3,750
Major resistance level – $3,890