Ethereum price is rising above the $3,550 zone. ETH is showing bullish signs and may aim to move above the $3,920 resistance zone soon.
- Ethereum remained in a positive zone and stayed above the $3,650 zone.
- The price is trading above $3,750 and the 100-hour simple moving average.
- A major bullish trend line is forming with support at $3,800 on the hourly chart of ETH/USD (data feed by Kraken).
- The pair may continue to rise if it clears the $3,880 resistance zone.
Ethereum price starts to rise recently
Ethereum price remained well-bid above the $3,650 support zone. ETH has formed a base and recently started a recent rally towards $3,700 Bitcoin. The bulls were able to push the price above the $3,800 resistance.
A high was made at $3,895 and the price is now showing a lot Positive sign. It is stable above the 23.6% Fib retracement level of the upside from the $3,505 swing low to the $3,895 high. There is also a key bullish trend line with support at $3,800 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,750 and the 100-hour simple moving average. On the upside, the price seems to be facing resistance near the $3,895 level. The first major resistance is near the $3,920 level. Key resistance is now forming near $3,950.
A clear move above the $3,950 resistance could send the price towards the $4,000 resistance. An upside break above the $4,000 resistance could call for further gains in the coming sessions. In the mentioned case, Ether could move towards the $4,050 resistance zone or $4,120.
Another drop in ETH?
If Ethereum fails to clear the $3,920 resistance, it could initiate another decline. Initial support on the downside is near the $3,800 level. The first major support sits near the $3,750 zone.
A clear move below the $3,750 support could push the price towards the $3,700 support or the 50% Fib retracement level from the $3,505 low to the $3,895 high. Any further losses could send the price towards the $3,650 support level in the near term. The next major support sits at $3,600.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Main support level – $3,700
Key resistance level – $3,920
