Ethereum
Ethereum price stuck in a rut but ready for an exciting bullish breakout
Ethereum price is struggling to break above the $3,840 resistance zone. ETH could gain bullish momentum if it breaks the $3,840 and $3,880 resistance levels.
- Ethereum maintains its gains above the $3,720 level.
- The price is trading above $3,750 and the 100 hourly simple moving average.
- There is a connected uptrend line forming with support near $3,760 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could begin a further rise unless there is a close below the $3,720 support.
Ethereum price maintains support
Ethereum price once again fell below the $3,760 support zone. ETH retested the $3,720 support and remained well bid. A low was formed at $3,728 and the price started a further rise, as Bitcoin.
There was a move above the $3,800 level, but the bears were active again near $3,840. A high was formed at $3,836 and the price is now consolidating its gains in a range. It is trading just below the 23.6% Fib retracement level of the upward move from the $3,728 low to $3,836 high.
Ethereum is now trading above $3,760 and the 100 hourly simple moving average. There is also a bullish trend line forming with support near $3,760 on the ETH/USD hourly chart.
If there is another increase, ETH could face resistance near the $3,820 level. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance could send the price higher. The next key resistance lies at $3,920, above which the price could gain ground and reach the $4,000 level.
If the bulls push Ether above the $4,000 level, the price could rise and test the $4,080 resistance. Any further gains could send Ether towards the $4,220 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the $3,840 resistance, it could begin a further decline. Initial support on the downside is near $3,780 and the 50% Fibonacci retracement level of the upward move from the $3,728 low to $3,836 high.
The next major support lies near the $3,760 area. A sharp move below the $3,760 support could push the price towards $3,720. Any further losses could push the price towards the $3,650 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,760
Major Resistance Level – $3,840