Ethereum Price Stuck in a Rut but Poised for an Exciting Upside Break
Ethereum price is struggling to clear the $3,840 resistance zone. ETH could gain bullish momentum if it clears the $3,840 and $3,880 resistance levels.
- Ethereum is holding gains above the $3,720 level.
- The price is trading above $3,750 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase unless there is a close below the $3,720 support.
Ethereum Price Holds Support
Ethereum price declined again 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 another increase, like Bitcoin.
There was a move above the $3,800 level, but the bears were again active near $3,840. A high was formed at $3,836 and the price is now consolidating gains in a range. It is trading just below the 23.6% Fib retracement level of the upward move from the $3,728 swing low to the $3,836 high.
Ethereum is now trading above $3,760 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD.
If there is another increase, ETH might 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 might send the price higher. The next key resistance sits at $3,920, above which the price might gain traction and rise toward the $4,000 level.
If the bulls push Ether above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,220 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $3,840 resistance, it could start another decline. Initial support on the downside is near $3,780 and the 50% Fib retracement level of the upward move from the $3,728 swing low to the $3,836 high.
The next major support is near the $3,760 zone. A clear move below the $3,760 support might push the price toward $3,720. Any more losses might send the price toward 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
