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Ethereum price started a decent rise above the $3,950 area. ETH is consolidating gains and may aim to move above the $4,150 resistance area.
- Ethereum started a decent rise above $3,950 and $4,000.
- The price is trading below $3,980 and the 100-hour Simple Moving Average.
- There is an important bullish line forming at $3,940 support on the hourly chart of ETH/USD (data feed via Kraken).
- The pair can continue to rise if it clears the resistance levels of $4,080 and $4,120.
Ethereum Price Gains Momentum Again
Ethereum price remained stable and extended gains above $3,880 but underperformed Bitcoin. ETH managed to rise above the $3,980 and $4,000 resistance levels.
The bulls pushed the pair above the $4,050 and $4,080 resistance levels. A high was formed at $4,107 before there was a pullback. There was a slight decline below the $4,000 level. The price traded as low as $3,946 and is currently rising.
There was a move above the 23.6% Fib retracement level to the downside from the $4,107 swing high to the $3,946 low. Ethereum price is now trading above $4,000 and the 100-hour Simple Moving Average. There is also a key bullish line forming with support at $3,940 on the ETH/USD hourly chart.
On the other hand, the price seems to be facing obstacles near the $4,025 level. The first major resistance is near the $4,070 level or the 76.4% Fib retracement level of the downside from the $4,107 swing high to the $3,946 low.
The main resistance is now around $4,120. A clear move above the $4,120 resistance could send the price to the $4,250 resistance. A break above the $4,250 resistance could call for further gains in the coming sessions. In the mentioned case, Ether can rise to the resistance area of ​​$4,350 or even $4,500.
Low Fix in ETH?
If Ethereum fails to clear the $4,120 resistance, it could start another decline. The first support on the downside is near the $3,980 level. The first major support sits near the $3,940 area.
A clear move below the $3,940 support could push the price to the $3,880 support. Another loss could send the price to the $3,800 support level in the near term. The next key support remains at $3,750.
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 – $3,940
Major Resistance Level – $4,120
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