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Ethereum price extended its increase toward $3,900. ETH is now consolidating gains and might aim for a move above the $4,000 resistance.
- Ethereum traded to a new multi-month high above $3,880.
- The price is trading above $3,700 and the 100-hourly Simple Moving Average.
- There is a short-term bullish flag pattern forming with resistance at $3,850 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its increase if it clears the $3,850 resistance zone.
Ethereum Price Aims Higher
Ethereum price extended its rally above the $3,750 level, like Bitcoin. BTC failed to extend gains above the $69,200 zone, but ETH cleared the $3,850 level.
It traded to a new multi-month high above $3,880 and recently started a consolidation phase. There was a pullback below the $3,800 level. The price tested the 23.6% Fib retracement level of the recent wave from the $3,211 swing low to the $3,898 high.
Ethereum is now trading above $3,700 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,850 level. There is also a short-term bullish flag pattern forming with resistance at $3,850 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,880 level. The next major resistance is near $3,920, above which the price might gain bullish momentum. The next stop for the bulls could be near the $4,000 level. If there is a move above the $4,000 resistance, Ether could even rally toward the $4,080 resistance. Any more gains might call for a test of $4,120.
Another Decline In ETH?
If Ethereum fails to clear the $3,850 resistance, it could start another downside correction. Initial support on the downside is near the $3,740 level.
The first major support is near the $3,650 zone. The next key support could be the $3,550 zone or the 50% Fib retracement level of the recent wave from the $3,211 swing low to the $3,898 high. A clear move below the $3,550 support might send the price toward $3,400. Any more losses might send the price toward the $3,320 level.
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 level.
Major Support Level – $3,650
Major Resistance Level – $3,850
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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