Ethereum price started a decent rise above the $3,950 zone. ETH is consolidating gains and could look to move above the $4,150 resistance zone.
- Ethereum started decent gains above $3,950 and $4,000.
- The price is trading below $3,980 and the 100-hour simple moving average.
- A key bullish trend line is forming with support at $3,940 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to move up if it breaks through the resistance levels of $4080 and $4120.
Ethereum price is gaining momentum again
The price of Ethereum remained stable and exceeded $3,880, but lost to Bitcoin. ETH was able to rise above the resistance levels of $3,980 and $4,000.
The bulls pushed the pair above the resistance levels of $4,050 and $4,080. A high was formed at $4,107 before the pullback occurred. There was a slight decline below the $4,000 level. The price was trading at $3946 and is currently rising.
There was a move above the 23.6% Fibonacci retracement level on a downward move from the $4,107 swing high to $3,946 low. Ethereum price is currently trading above $4,000 and the 100-hour simple moving average. A key bullish trend line is also forming with support at $3,940 on the hourly ETH/USD chart.
On the downside, the price seems to be facing headwinds near the $4,025 level. The first major resistance is near the $4,070 level or the 76.4% Fibonacci retracement level of the downward move from the $4,107 swing high to $3,946 low.
The main resistance is now forming around $4120. A clear move above the $4,120 resistance could steer the price towards the $4,250 resistance. A break above the $4,250 resistance could lead to further gains in the coming sessions. In the said case, Ether could rise to the resistance zone of $4,350 or even $4,500.
Correction of ETH fall?
If Ethereum fails to break through the $4,120 resistance, it could start another decline. Initial downside support lies near the $3,980 level. The first major support is near the $3,940 zone.
A clear move below the $3,940 support could push the price towards the $3,880 support. Any further losses could push the price towards the $3,800 support level in the near future. The next key support is at $3,750.
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.
The main support level is $3,940.
The main resistance level is $4,120.
