Ethereum price has started to rise well above the $3,750 area. ETH is consolidating gains and may aim to move above the $3,980 resistance area.
- Ethereum started a nice increase above $3,750 and $3,800.
- The price is trading below the $3,800 level and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if it crosses the $3,950 and $3,980 resistance levels.
The price of Ethereum exceeds the price of Bitcoin
Ethereum price remained stable and extended its gains above $3,750, outperforming Bitcoin. ETH managed to rise above the $3,800 and $3,880 resistance levels.
The bulls pushed the pair above the $3,920 and $3,950 resistance levels. The high was formed at $3,988 and the price is now consolidating its gains. There was a slight decline below the $3,920 level. The price also fell below the 23.6% Fibonacci retracement level of the upward move from the swing low at $3,527 to the swing high at $3,988.
Ethereum price is now trading above $3,800 and the 100 hourly simple moving average. There is also a connected uptrend line forming with support at $3,840 on the hourly chart of ETH/USD.
On the upside, the price appears to be facing hurdles near the $3,950 level. The first major resistance is near the $3,980 level. The main resistance is now forming near $4,000. A clear move above the $4,000 resistance could send the price towards the $4,150 resistance.
A bullish break above the $4,150 resistance may require further gains in the coming sessions. In the mentioned case, the price of ether could rise towards the resistance area of $4,250 or even $4,320.
Another drop in ETH?
If Ethereum fails to break above the $3,980 resistance level, it could start another decline. Initial support on the downside is near the $3,840 level and the trend line. The first major support is near the $3,750 area or the 50% Fib retracement level of the upward move from the $3,527 swing low to the $3,988 swing high.
A clear move below the $3,750 support level could push the price towards the $3,665 support level. Any further losses could send the price towards the $3,550 support level in the near term. The next major support is at $3,500.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $3,840
Major resistance level – $3,980