Ethereum price is slowly moving above the resistance zone at $3,800. ETH could gain bullish momentum if it breaks through the resistance levels at $3,880 and $3,920.
- Ethereum maintains gains above the $3,800 level.
- The price is holding above $3,840 and the 100-hour elementary moving average.
- A key uptrend line is forming on the hourly chart of ETH/USD (data fed via Kraken) with support near $3,840.
- The pair may start a up-to-date rally unless there is a close below the $3,800 support.
Ethereum price has more advantages
Ethereum price remained stable above the support zone at $3,760. ETH formed a base and began another rally above the $3,800 level, just like Bitcoin.
There was a move above the $3,820 and $3,840 levels. The price tested the resistance zone at $3,880. The highest level was formed at $3,884 and the price is currently consolidating increases within a certain range. It has already tested the 23.6% Fib retracement level for an upward move from a low of $3,729 to a high of $3,884.
Ethereum is currently trading above $3,800 and the 100-hour elementary moving average. A key bullish trendline is also forming on the hourly chart of ETH/USD with support near $3,840.
If another rally occurs, ETH may face resistance near the $3,880 level. The first major resistance is near the $3,920 level. An upward break above the resistance at $3,920 could result in a price rally. The next key resistance is at the $4,000 level, above which the price may gain strength and rise towards the $4,080 level.
If bulls push Ether above the $4,080 level, the price could move higher and test the resistance at $4,200. Any further gains could push Ether towards the $4,320 resistance zone.
Are dips supported in ETH?
If Ethereum fails to overcome the resistance at $3,880, it may begin a downward correction. Initial downside support is located near $3,840 and the trend line.
The next major support is located near the $3,800 zone and the 50% Fib retracement level, which is an upward move from a low of $3,729 to a high of $3,884. A clear move below the support at $3,800 could push the price towards $3,720. Larger losses could push the price towards the $3,650 level in the near future.
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 3,800
Major resistance level – $3,880