Ethereum stayed supported above the $3,650 zone versus the United States Dollar. ETH must clear the $3,850 and $3,900 resistance levels to continue higher in the near term.
- Ethereum began a fresh boost above the $3,700 and $3,750 resistance levels.
- The price is now trading above $3,800 and the 100 hourly simple moving average.
- There is a significant contracting triangle forming with resistance near $3,840 on the per hour chart of ETH/USD (information feed by means of Kraken).
- The pair could start a fresh rally if it clears the key $3,920 resistance zone.
Ethereum Price Remains Supported
Ethereum began a disadvantage correction after it stopped working to remain above the $3,900 zone. ETH declined below the $3,800 support zone and the 100 hourly simple moving average.
The rate even surged listed below the $3,750 assistance zone. A low was formed near $3,678 and the rate is now increasing. It broke the $3,780 resistance zone. There was a break above the 50% Fib retracement level of the recent drop from the $3,893 swing high to $3,678 low.
Ether is now trading above $3,800 and the 100 per hour easy moving average. The price is now testing the 61.8% Fib retracement level of the recent drop from the $3,893 swing high to $3,678 low. There is likewise a significant contracting triangle forming with resistance near $3,840 on the per hour chart of ETH/USD.
An immediate resistance on the upside is near the $3,840 level. The next significant resistance is near the $3,920 level, above which the rate may begin a fresh rally. In the stated case, the price could attempt a clear break above the $4,000 resistance zone. The next significant assistance sits near the $4,120 level.
Dips Limited in ETH?
If ethereum fails to continue higher above the $3,840 and $3,920 resistance levels, it could start a fresh downside correction. An preliminary assistance on the disadvantage is near the $3,780 level and the 100 per hour SMA.
The first key support is now forming near the $3,720 level and the triangle lower trend line. If there is a disadvantage break listed below the $3,720 assistance, the rate could decrease even more. The next key support is near $3,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is acquiring rate in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,720
Major Resistance Level – $3,920
