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Ethereum price found support near the $3,650 zone and started a fresh surge. ETH is rising and might soon aim for a move above the $3,920 zone.
- Ethereum started a fresh increase above the $3,750 and $3,800 levels.
- The price is trading above $3,800 and the 100-hourly Simple Moving Average.
- There is a bullish trend line forming with support at $3,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains supported above the $3,750 zone in the near term.
Ethereum Price Gains Over 5%
Ethereum price started a fresh increase from the $3,650 support zone, beating Bitcoin. ETH price was able to recover above the $3,720 and $3,750 resistance levels.
The bulls even pushed the price above the $3,850 resistance zone. Finally, the price tested the $3,920 resistance zone. A high was formed at $3,927 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,544 swing low to the $3,927 high.
Ethereum price is now trading above $3,800 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $3,820 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $3,920 level. The next key resistance is near the $3,950 level. The first major resistance is near the $4,000 level. A clear move above the $4,000 resistance might send the price toward the $4,220 resistance.
An upside break above the $4,220 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,350 resistance zone or even $4,500 in the near term.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,920 resistance, it could start a fresh decline. Initial support on the downside is near the $3,820 level. The first major support sits near the $3,800 zone.
A clear move below the $3,800 support might push the price toward the $3,735 support. Any more losses might send the price toward the $3,680 support level in the near term. The next key support sits at $3,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,735
Major Resistance Level – $3,920
