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 is gaining pace above the $3,950 zone against the US Dollar. ETH price is showing positive signs and the bulls might aim a larger increase above $4,100
- Ethereum started a fresh increase and even climbed above the $4,000 resistance zone.
- The price is trading above $4,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $3,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate higher above the $4,050 and $4,080 resistance levels.
Ethereum Price Gains Pace
Ethereum started a steady recovery wave above the $3,850 and $3,880 resistance levels. ETH even climbed above the $4,000 level and the 100 hourly simple moving average.
During the increase, the price cleared the 76.4% % Fib retracement level of the downward move from the $4,035 swing high to $3,750 low. Besides, there was a break above a major bearish trend line with resistance near $3,960 on the hourly chart of ETH/USD.
The pair is now trading near the $4,035 swing high. It is trading above $4,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $4,050 level. The next major resistance is near the $4,100 level. It is near the 1.236 Fib extension level of the downward move from the $4,035 swing high to $3,750 low.
Source: ETHUSD on TradingView.com
A clear move above the $4,100 level could push the price further higher in the near term. The next stop for the bulls could be $4,250. A close above the $4,250 level may possibly spark a move towards the $4,350 level.
Fresh Drop in ETH?
If ethereum fails to start a fresh increase above the $4,050 level, it could start a fresh decline. An initial support on the downside is near the $3,960 level.
The first key support is now forming near the $3,920 level and the 100 hourly simple moving average. If there is a clear break below the $3,920 support, the price could extend losses. The next major support is $3,850, below which there is a risk of a move towards the $3,750 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,920
Major Resistance Level – $4,100
