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Ethereum price is rising from the $3,550 zone. ETH is showing bullish signs and could target a move above the $3,920 resistance zone soon.
- Ethereum remained in a positive zone and remained above the $3,650 zone.
- The price is trading above USD 3,750 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks the $3,880 resistance zone.
Ethereum price starts to rise again
Ethereum price remained well above the USD 3,650 support zone. ETH formed a base and recently started a new rise above $3,700, as did Bitcoin. The bulls were able to push the price above the USD 3,800 resistance.
A high was reached at $3,895 and the price is now showing many positive signs. It is steady above the 23.6% Fib retracement level of the upward move from the $3,505 swing low to the $3,895 high. There is also a major bullish trendline forming with support at $3,800 on the hourly chart of ETH/USD.
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 around the USD 3,895 level. The first major resistance is around the $3,920 level. The main resistance is now forming around $3,950.
A clear move above the USD 3,950 resistance could send the price towards the USD 4,000 resistance. An upside break above the USD 4,000 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,050 resistance zone or even USD 4,120.
Another drop in ETH?
If Ethereum fails to clear the USD 3,920 resistance, it could trigger another decline. The initial downside support is near the $3,800 level. The first major support is near the $3,750 zone.
A clear move below the $3,750 support could push the price towards the $3,700 support or towards the 50% Fib retracement level of the upward move from the $3,505 swing low to the $3,895 high. Any further losses could send the price towards the USD 3,650 support level in the near term. The next major support is at $3,600.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,700
Major resistance level – $3,920
