Ethereum price has started a decent rally above the $3,950 zone. ETH is consolidating gains and may aim to move above the resistance zone at $4,150.

• Ethereum has started a decent rally above $3,950 and $4,000.
• The price is trading below $3,980 and the 100-hour uncomplicated moving average.
• A key bullish trendline is forming on the ETH/USD hourly chart with support at $3,940 (data siphoning via Kraken).
• The pair may continue to rise if it breaks through the $4,080 and $4,120 resistance levels.

Ethereum price regains momentum

Ethereum’s price remained stable and rose above $3,880, but underperformed Bitcoin. ETH was able to climb above the resistance levels at $3,980 and $4,000.

Bulls pushed the pair above the $4,050 and $4,080 resistance levels. A high was formed at $4,107, followed by a pullback. There was a slight decline below the $4,000 level. The price was just $3,946 and is currently rising.

There was a move above the 23.6% Fib retracement level as part of a move down from a high of $4,107 to a low of $3,946. Ethereum price is currently trading above $4,000 and the 100-hour uncomplicated moving average. A key uptrend line is also forming on the ETH/USD hourly chart with support at $3,940.

On the downside, the price seems to be facing headwinds near the $4,025 level. The first major resistance is located near the $4,070 level or the 76.4% Fib retracement level, which is the result of a downward move from the high of $4,107 to the low of $3,946.

The main resistance is currently forming near $4,120. A clear move above the $4,120 resistance could push the price towards the $4,250 resistance. An upward break above the resistance at $4,250 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $4,350 or even $4,500.

Correction of declines in ETH?

If Ethereum fails to break through the resistance at $4,120, another decline could begin. Initial downside support is near the $3,980 level. The first major support is located near the $3,940 zone.

A clear move below the $3,940 support could push the price towards the $3,880 support. Any further losses could push the price towards the $3,800 support level in the near future. The next key support is at $3,750.

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 3,940

Major resistance level – $4,120