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 price extended its increase above the $3,880 zone. ETH is now consolidating gains and might soon aim for a move toward $4,000.
- Ethereum started a fresh increase above the $3,820 and $3,880 levels.
- The price is trading near $3,800 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains supported above the $3,720 zone in the near term.
Ethereum Price Corrects Some Gains
Ethereum price remained supported above the $3,720 level and started a fresh increase, like Bitcoin. ETH price traded above the $3,800 and $3,850 resistance levels.
There was a move above the $3,880 level. The price tested the $3,920 zone. A high was formed at $3,939 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $3,515 swing low to the $3,939 high.
Besides, there was a break below a key bullish trend line with support at $3,800 on the hourly chart of ETH/USD. Ethereum price is now trading near $3,800 and the 100-hourly Simple Moving Average.
On the upside, the price could face resistance near the $3,820 level. The next key resistance is near the $3,840 level. The first major resistance is near the $3,880 level. A clear move above the $3,880 resistance might send the price toward the $3,940 resistance.
An upside break above the $3,940 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $3,820 resistance, it could start a downside correction. Initial support on the downside is near the $3,720 level. The first major support sits near the $3,700 zone.
A clear move below the $3,700 support might push the price toward the $3,650 support. Any more losses might send the price toward the $3,550 support level in the near term. The next key support sits at $3,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,720
Major Resistance Level – $3,820
