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Ethereum price is rising from the $3,650 area. ETH is bullish and may aim to move above the $3,950 resistance area.
- Ethereum stayed in a good position and stayed above the $3,680 area.
- The price is trading above $3,770 and the 100-hourly Simple Moving Average.
- There was a break above the short-term bearish line against $3,870 on the hourly chart of ETH/USD (data feed via Kraken).
- This pair can continue to rise if it clears the $3,890 resistance area.
Ethereum Price Eyes More Upsides
Ethereum price remained a good bid above the $3,670 support area. ETH formed a base and recently started a new high above $3,720 beating Bitcoin. The bulls managed to push the price above the $3,780 resistance.
There was a clear move above the 50% Fib retracement level from the $3,956 swing high to the $3,680 low. Besides, there was a break above the short-term bearish line with resistance at $3,870 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,780 and the 100-hour Simple Moving Average. On the other hand, the price seems to be facing obstacles near the $3,890 level. It is near the 76.4% Fib retracement level of the decline from the $3,956 swing high to the $3,680 low.
The first major resistance is near the $3,950 level. Key resistance now forms around $3,980. A clear move above the $3,980 resistance could send the price to the $4,000 resistance. Breaks above $4,000 may require additional gains in future sessions. In the mentioned case, Ether can rise to the resistance area of ​​$4,050 or even $4,120.
Another Pullback in ETH?
If Ethereum fails to clear the $3,890 resistance, it could start another decline. The first support on the downside is near the $3,820 level. The first major support sits near the $3,775 area.
A clear move below the $3,775 support could push the price to the $3,720 support. Another loss could send the price to the $3,650 support level in the near term. The next key support remains at $3,620.
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 – $3,775
Major Resistance Level – $3,890
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