Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum started a fresh increase above the $3,750 level against the US Dollar. ETH price is now struggling to gain pace above the $3,850 zone.
- Ethereum started a steady increase above the $3,700 zone and $3,750.
- The price is trading above $3,750 and the 100 hourly simple moving average.
- There is a key bullish trend lien forming with support near $3,780 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the 100 hourly SMA to avoid a fresh decline in the near term.
Ethereum Price Starts Decent Increase
Ethereum formed a base above $3,600 and started a fresh increase. ETH was able to climb above the $3,750 resistance zone to move into a positive zone.
There was a clear move above the $3,800 level and the 100 hourly simple moving average. A new weekly high was formed near $3,854 and the price is now consolidating gains. There was a minor decline below the $3,840 and $3,820 levels.
The price traded below the 23.6% Fib retracement level of the recent increase from the $3,622 swing low to $3,854 high. It is now trading near $3,800 and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $3,820 level. The next major resistance is near the $3,850 level. A clear upside break above the $3,850 level could pump the price towards $4,000. Any more gains could send the price towards the $4,120 level. The main resistance is near the $4,200 level.
Downside Break in ETH?
If ethereum fails to start a fresh increase above the $3,850 level, it could start a downside correction. An initial support on the downside is near the $3,780 level or the trend line. The first key support is now forming near the $3,865 and the 100 hourly SMA.
A downside break below the 100 hourly SMA could put a lot of pressure on the bulls. In the stated case, the price could decline towards the $3,740 support zone in the near term. It is near the 50% Fib retracement level of the recent increase from the $3,622 swing low to $3,854 high.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is near the 50 level.
Major Support Level – $3,750
Major Resistance Level – $3,850
