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    Ethereum Price Momentum Reignites As The Bulls Aim For $4K


    Ethereum price is attempting a fresh increase above the $3,500 zone. ETH must clear the $3,680 resistance to continue higher in the near term.

    • Ethereum is gaining pace above the $3,500 support zone.
    • The price is trading above $3,600 and the 100-hourly Simple Moving Average.
    • There is a key bullish trend line forming with support at $3,560 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise if it settles above the $3,680 resistance zone.

    Ethereum Price Eyes Steady Increase

    Ethereum price started a decent increase above the $3,550 resistance zone. ETH bulls were able to push the price in a positive zone above the $3,600 level, like Bitcoin.

    ETH climbed above the $3,650 resistance zone. A high was formed at $3,680 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $3,301 swing low to the $3,680 high.

    Ethereum is now trading above $3,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,560 on the hourly chart of ETH/USD.

    Source: ETHUSD on TradingView.com

    On the upside, immediate resistance is near the $3,680 level. The first major resistance is near the $3,720 level. The next key resistance sits at $3,750, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,880 level. If there is a move above the $3,880 resistance, Ethereum could even climb toward the $4,000 resistance. Any more gains might call for a test of $4,080.

    Are Dips Limited In ETH?

    If Ethereum fails to clear the $3,680 resistance, it could start another decline. Initial support on the downside is near the $3,600 level.

    The first major support is near the $3,580 zone and the trend line. The next key support could be the $3,500 zone or the 50% Fib retracement level of the upward move from the $3,301 swing low to the $3,680 high. A clear move below the $3,500 support might send the price toward $3,380. Any more losses might send the price toward the $3,120 level.

    Technical Indicators

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

    Hourly RSIThe RSI for ETH/USD is now above the 50 level.

    Major Support Level – $3,600

    Major Resistance Level – $3,680

    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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