The price of Ethereum started a decent rise above the $3,900 area. ETH is consolidating gains and may aim to move above the $4,000 resistance area.
- Ethereum started a decent rise above $3,880 and $3,920.
- The price is trading below $3,920 and the 100-hour Simple Moving Average.
- There was a break above the main bearish line with resistance at $3,900 on the ETH/USD hourly chart (data feed via Kraken).
- The pair can continue to rise if it clears the resistance levels of $3,980 and $4,020.
Ethereum Price Faces Resistance
Ethereum price remained stable and extended gains above $3,850 but underperformed Bitcoin. ETH managed to rise above the $3,920 and $3,980 resistance levels.
There was a break above the main bearish line with resistance at $3,900 on the ETH/USD hourly chart. The bulls pushed the pair above the $4,000 and $4,010 resistance levels. The top is built for $4,019 and the price now includes benefits. There was a slight decline below the $3,980 level.
The price fell below the 23.6% Fib retracement level from the $3,831 swing low to $4,019 high. Ethereum price is now trading above $3,880 and the 100-hourly Simple Moving Average.
On the other hand, the price seems to be facing obstacles near the $4,000 level. The first major resistance is near the $4,020 level. The main resistance is now around $4,050. A clear move above the $4,050 resistance could send the price to the $4,150 resistance.
An upside break above the $4,150 resistance could call for further gains in the coming sessions. In the mentioned case, Ether can rise to the resistance area of ​​$4,250 or even $4,320.
Another Drop in ETH?
If Ethereum fails to clear the $4,000 resistance, it could start another decline. Initial support on the downside is near the $3,920 level and the 50% Fib retracement level of the upside from the $3,831 swing low to $4,019 high. The first major support sits near the $3,880 area.
A clear move below the $3,880 support could push the price to the $3,840 support. Another loss could send the price to the $3,750 support level in the near term. The next key support remains at $3,650.
Technical References
MACD per hour – MACD of ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,920
Major Resistance Level – $4,000
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