Ethereum price started a decent rise above the $3,650 zone. ETH is now rising and may aim to move above the $3,900 resistance zone.
- Ethereum started a decent rally above $3,650 and $3,680.
- The price is trading below $3,750 and the 100-hour simple moving average.
- There was a break above a key bearish trend line with resistance at $3,720 on the hourly chart of ETH/USD (data feed by Kraken).
- The pair may continue to move higher if it clears the $3,850 and $3,900 resistance levels.
Ethereum price eye more benefits
The price of Ethereum remained stable above $3,500 and just started a recent rise Bitcoin. ETH was able to climb above the $3,650 and $3,720 resistance levels.
There was a break above a key bearish trend line with resistance at $3,720 on the hourly chart of ETH/USD. Bulls pushed the pair above the 50% Fib retracement level of the downward movement from the $4,015 swing high to the $3,488 low.
The price has also increased $3,800 resistance zone. The price of Ethereum 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 $3,850 level.
The first major resistance is near the $3,890 level or the 76.4% Fib retracement level of the downward movement from the $4,015 swing high to the $3,488 low. Key resistance is now forming near $4,000. A clear move above the $4,000 resistance could send the price towards the $4,050 resistance.
An upside break above the $4,050 resistance could call for further gains in the coming sessions. In the mentioned case, Ether may rise to the $4,150 resistance zone or $4,220.
Another drop in ETH?
If Ethereum fails to clear the $3,890 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 $3,650 support. Any further losses could send the price towards the $3,550 support level in the near term. The next major support sits at $3,500.
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 – $3,750
Key resistance level – $3,890
