Ethereum price started a decent increase above the $3,650 zone. ETH is now rising and might aim for a move above the $3,900 resistance zone.
- Ethereum started a decent increase above $3,650 and $3,680.
- The price is trading below $3,750 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $3,850 and $3,900 resistance levels.
Ethereum Price Eyes More Gains
Ethereum price remained stable above $3,500 and started a fresh increase like Bitcoin. ETH was able to climb above the $3,650 and $3,720 resistance levels.
There was a break above a key bearish trend line with resistance at $3,720 on the hourly chart of ETH/USD. The bulls pushed the pair above the 50% Fib retracement level of the downward wave from the $4,015 swing high to the $3,488 low.
The price even spiked above the $3,800 resistance zone. Ethereum price is now trading above $3,750 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,850 level.
The first major resistance is near the $3,890 level or the 76.4% Fib retracement level of the downward wave from the $4,015 swing high to the $3,488 low. The main resistance is now forming near $4,000. A clear move above the $4,000 resistance might send the price toward the $4,050 resistance.
An upside break above the $4,050 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,150 resistance zone or even $4,220.
Another Drop In ETH?
If Ethereum fails to clear the $3,890 resistance, it could start another decline. Initial support on the downside is near the $3,800 level. The first major support sits near the $3,750 zone.
A clear move below the $3,750 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 $3,500.
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 – $3,750
Major Resistance Level – $3,890
This articles is written by : Fady Askharoun Samy Askharoun
All Rights Reserved to Amznusa www.amznusa.com
Why Amznusa?
AMZNUSA is a dynamic website that focuses on three primary categories: Technology, e-commerce and cryptocurrency news. It provides users with the latest updates and insights into online retail trends and the rapidly evolving world of digital currencies, helping visitors stay informed about both markets.
