Ethereum prices are showing impressive upward momentum, maintaining a strong position above the $3,650 threshold. The cryptocurrency is currently trading over $3,750, backed by the 100-hourly Simple Moving Average, and could soon attempt to exceed the $3,920 resistance zone.
Ethereum holds its ground in a positive range, not falling below the $3,650 zone.
With trading activity above $3,850, conditions favor a rise. A significant bullish trend line has emerged, providing support at $3,800 on the ETH/USD hourly chart, sourced from Kraken. If the pair surpasses the $3,880 resistance, further gains can be expected.
Ethereum displays resilience, having secured a foundation beyond the $3,650 support zone. Boosted by buyer confidence, ETH recently climbed past $3,700. Bulls propelled it over the $3,800 resistance. The price reached a peak at $3,895, indicating positivity in the market. It remains stable above the 23.6% Fibonacci retracement from $3,505 to $3,895. A crucial bullish trend line supports the price at $3,800 on the ETH/USD hourly chart.
Currently, Ethereum is trading above $3,750 and the 100-hourly SMA. Resistance, however, appears around $3,895. The first major barrier stands at $3,920, while the key resistance forms near $3,950.
Breaking through the $3,950 resistance could propel Ethereum towards the $4,000 mark. An upward breakthrough at $4,000 could signal further gains. If this occurs, the price might advance to $4,050 or potentially $4,120 in subsequent sessions.
Failure to surpass $3,920 may trigger a decline for Ethereum. Initial support would be near $3,800. The first major fallback area is the $3,750 zone. A drop below $3,750 could lead to $3,700, aligning with the 50% Fibonacci retracement from $3,505 low to $3,895 high. A continued decrease could target $3,650, with additional support expected at $3,600.
The hourly MACD for ETH/USD is gaining strength in the bullish zone. Meanwhile, the hourly RSI for ETH/USD is above 50, supporting the upward trend. Key support level is found at $3,700, with major resistance at $3,920.