Ethereum price is rising from the $3,650 zone. ETH is gaining momentum and could soon aim to move above the $3,950 resistance zone.

• Ethereum remained in the positive zone and stayed above the $3,680 zone.
• The price is above $3,770 and the 100-hour uncomplicated moving average.
• There has been a break above the short-term bearish trendline with resistance at $3,870 on the ETH/USD hourly chart (data via Kraken).
• The pair may continue to rise if it breaks the resistance zone at $3,890.

Ethereum price has more advantages

Ethereum price remained favorable above the support zone at $3,670. ETH has formed a base and recently started a novel rally above $3,720, beating Bitcoin. The bulls managed to push the price above the resistance at $3,780.

There has been a clear move above the 50% Fib retracement level, which is a downward move from the high of $3,956 to the low of $3,680. Additionally, there was a break above the short-term bearish trend line with resistance at $3,870 on the ETH/USD hourly chart.

Ethereum price is currently trading above $3,780 and the 100-hour uncomplicated moving average. On the other hand, the price seems to be facing some headwinds near the $3,890 level. It is near the 76.4% Fib retracement level, which is a downward move from the high of $3,956 to the low of $3,680.

The first major resistance is near the $3,950 level. The main resistance is currently forming near $3,980. A clear move above the $3,980 resistance could push the price towards the $4,000 resistance. An upward break above the $4,000 resistance could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone of $4,050 or even $4,120.

Another drop on ETH?

If Ethereum fails to break through the resistance at $3,890, another decline could begin. Initial downside support is near the $3,820 level. The first major support is located near the $3,775 zone.

A clear move below the support at $3,775 could push the price towards the support at $3,720. Any further losses could push the price towards the $3,650 support level in the near future. The next key support is at $3,620.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 3,775

Major resistance level – $3,890