Ethereum Price Sets Sights on New Peaks: Anticipating a Bullish Breakout
Ethereum price is again moving higher above the $3,800 resistance. ETH is now consolidating near $3,850 and is eyeing an upside break above $4,000 in the near term.
- Ethereum started a fresh increase above the $3,750 resistance.
- The price is trading above $3,750 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,780 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up unless there is a break below the $3,540 support.
Ethereum Price Remains Supported for More Upsides
Ethereum price remained stable above the $3,540 support zone. ETH formed a base, outperformed Bitcoin, and started another increase above the $3,650 level.
There was a move above the $3,750 resistance. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,944 swing high to the $3,530 low. There is also a key bullish trend line forming with support at $3,780 on the hourly chart of ETH/USD.
Ethereum price is trading above $3,750 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $3,944 swing high to the $3,530 low.
Immediate resistance is near the $3,880 level. The first major resistance is near the $3,920 level. An upside break above the $3,920 resistance might send the price higher. The next key resistance sits at $4,000, above which the price might gain traction and rise toward the $4,080 level.
If there is a clear move above the $4,080 level, the price might rise and test the $4,220 resistance. Any more gains could send Ether toward the $4,350 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the $3,880 resistance, it could start another downside correction. Initial support on the downside is near the $3,800 level and the trend line.
The next major support is near the $3,735 zone. A clear move below the $3,735 support might push the price toward $3,630. Any more losses might send the price toward the $3,540 level in the near term.
Technical Indicators
Hourly MACD The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI The RSI for ETH/USD is still above the 50 zone.
Major Support Level $3,800
Major Resistance Level $3,880
Source: NewsBTC.com
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