Ethereum had the ability to clear the $3,800 resistance zone versus the United States Dollar. However, ETH price failed to gain strength above $3,900 and it is now consolidating gains.
- Ethereum began a fresh boost above the $3,750 and $3,800 resistance levels.
- The price is now trading above $3,800 and the 100 hourly simple moving average.
- There was a break above a key bearish pattern line with resistance near $3,840 on the per hour chart of ETH/USD (information feed by means of Kraken).
- The pair could extend its rally if it stays above the $3,800 support zone.
Ethereum Price Gains Traction
Ethereum settled above the $3,650 level to move into a favorable zone. ETH started a fresh rally above the $3,750 resistance zone and the 100 hourly simple moving average, similar to bitcoin.
The upward relocation was such that the cost cleared the $3,800 resistance. Ether traded as high as $3,968 before there was a downside correction. The cost remedied lower listed below the $3,800 level. However, the bulls were active near the $3,650 zone.
A low was formed near $3,640 and the price started a fresh increase. The cost cleared the $3,800 resistance zone. There was a break above the 50% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low.
Besides, there was a break above a key bearish pattern line with resistance near $3,840 on the per hour chart of ETH/USD. The pair is now trading above $3,800 and the 100 hourly simple moving average.
An instant resistance on the upside is near the $3,890 level. It is near the 76.4% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low. The next significant resistance is near the $3,910 level, above which the cost may begin a fresh rise.
In the stated case, the price could climb towards the $3,980 level. Any more gains could set the speed for a relocation towards the $4,120 level in the near term.
Dips Supported in ETH?
If ethereum fails to continue higher above the $3,890 and $3,910 resistance levels, it could start a fresh downside correction. An preliminary assistance on the drawback is near the $3,820 level.
The first key support is now forming near the $3,800 level and the 100 hourly SMA. If there is a disadvantage break listed below the $3,800 assistance, the cost could decrease even more. The next key support is near $3,720.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is acquiring speed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,800
Major Resistance Level – $3,910
