Ethereum

Ethereum price aims for new highs: anticipate a bullish breakout

Published

8 months ago

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Ethereum price breaks above the $3,800 resistance again. ETH is now consolidating near $3,850 and eyeing a bullish breakout above $4,000 in the near term.

  • Ethereum started a fresh rise above the $3,750 resistance.
  • The price is trading above $3,750 and the 100 hourly simple moving average.
  • A key bullish trendline is forming with support at $3,780 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could continue to rise unless there is a break below the $3,540 support.

Ethereum Price Remains Supported for More Benefits

Ethereum price remained stable above the $3,540 support zone. ETH formed a base, outperformed Bitcoinand started another increase above the $3,650 level.

There was a move above the $3,750 resistance. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,944 high to $3,530 low. There is also a key bullish trendline forming with support at $3,780 on the ETH/USD hourly chart.

Ethereum price is trading above $3,750 and the 100-hour simple moving average. It is also above the 76.4% Fibonacci retracement level of the downward move from the $3,944 high to $3,530 low.

Immediate resistance is near the $3,880 level. The first major resistance is near the $3,920 level. An upside break above the $3,920 resistance could send the price higher. The next key resistance lies at $4,000, above which the price could gain ground and reach the $4,080 level.

Source: ETHUSD on TradingView.com

If there is a clear move above the $4,080 level, the price could move higher and test the $4,220 resistance. Any further gains could send Ether towards the $4,350 resistance zone.

Another drop in ETH?

If Ethereum fails to clear the $3,880 resistance, it could trigger another downward correction. Initial downside support is near the $3,800 level and the trendline.

The next major support lies near the $3,735 area. A sharp move below the $3,735 support could push the price towards $3,630. Any further losses could push the price towards the $3,540 level in the near term.

Technical indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still above the 50 zone.

Major Support Level – $3,800

Major Resistance Level – $3,880

Fuente

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