Ethereum has exhibited a promising upward trend, surpassing the crucial $3,750 mark. This development suggests that ETH could further consolidate its gains and possibly target a significant breakthrough above the $3,980 resistance level. In this article, we will delve into the recent price movements of Ethereum and its potential trajectory.
- Ethereum has made a notable increase, moving past the $3,750 and $3,800 benchmarks.
- The current trading price remains under $3,800, along with the 100-hourly Simple Moving Average.
- A bullish trend line is forming, offering support at the $3,840 mark on the ETH/USD hourly chart (data sourced from Kraken).
- The currency pair could continue its upward momentum if it surpasses the $3,950 and $3,980 resistance barriers.
Ethereum Price Outpaces Bitcoin
Ethereum’s price has maintained stability and successfully extended its gains beyond $3,750, outperforming Bitcoin. The cryptocurrency managed to breach the $3,800 and $3,880 resistance levels, thanks to a strong bullish momentum. Buyers propelled the pair above the $3,920 and $3,950 resistances, registering a high at $3,988. As of now, Ethereum is consolidating these gains with a minor pullback below the $3,920 level.
Interestingly, the price even slipped beneath the 23.6% Fibonacci retracement level, calculated from the upswing starting at the $3,527 low to the $3,988 high. Despite this, Ethereum is trading solidly above $3,800 and the 100-hourly Simple Moving Average. A bullish trend line continues to offer support at $3,840 on the ETH/USD hourly chart.
On the upside, Ethereum is encountering resistance near the $3,950 level. The initial significant resistance is positioned near $3,980, with the primary resistance now shaping up around the $4,000 mark. Should Ethereum break clear of the $4,000 resistance, it could propel the price towards the $4,150 resistance level.
Prospects of Further Gains
If Ethereum successfully breaks the $4,150 resistance, it could pave the way for additional gains in subsequent trading sessions. In this scenario, ETH may ascend towards the $4,250 resistance zone, and potentially even reach $4,320, marking a substantial upward trend.
Another Decline In ETH?
However, if Ethereum encounters difficulties in surpassing the $3,980 resistance, a potential decline might ensue. The initial downside support is near the $3,840 level and the trend line. The first notable support is observed around the $3,750 zone, aligning with the 50% Fibonacci retracement level from the $3,527 low to the $3,988 high.
A decisive move below the $3,750 support could drive the price towards the $3,665 support level. Further losses might push the price down to the $3,550 support level in the near future, with the next key support sitting at $3,500.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone, indicating positive market sentiment.
Hourly RSI: The RSI for ETH/USD is currently positioned above the 50 zone, reflecting a bullish trend.
Major Support Level: $3,840
Major Resistance Level: $3,980
