Ethereum Bulls Charge Ahead: $4K Within Grasp
Ethereum price is moving higher above the $3,600 zone. ETH is showing bullish signs and might soon aim for a move above the $3,800 resistance zone.
- Ethereum started a decent increase from the $3,550 zone.
- The price is trading above $3,550 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,700 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could restart its increase if it clears the $3,750 zone.
Ethereum Price Eyes Steady Increase
Ethereum price remained supported above $3,350 and started a fresh increase like Bitcoin. ETH was able to surpass the $3,450 and $3,550 resistance levels.
The bulls pumped the price above the $3,700 level. A high was formed at $3,748 and the price is now consolidating gains. There was a minor decline below the $3,720 level. The price dipped and tested the 23.6% Fib retracement level of the upward wave from the $3,572 swing low to the $3,748 high.
Ethereum price is now trading above $3,550 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,700 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $3,740 level. The first major resistance is near the $3,750 level. The main resistance is now forming near $3,800. A clear move above the $3,800 resistance might send the price toward the $3,880 resistance. An upside break above the $3,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,940 resistance zone or even $4,000.
Downside Correction In ETH?
If Ethereum fails to clear the $3,750 resistance, it could start another decline. Initial support on the downside is near the $3,700 level. The first major support sits near the $3,675 zone.
A clear move below the $3,675 support might push the price toward the 61.8% Fib retracement level of the upward wave from the $3,572 swing low to the $3,748 high at $3,640. Any more losses might send the price toward the $3,570 support level in the near term. The next key support sits at $3,550.
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 above the 50 zone.
Major Support Level $3,700
Major Resistance Level $3,750
Source: NewsBTC.com
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