The Ethereum price is on the rise in the cryptocurrency market, currently hovering around the $3,650 zone. The digital currency has been gaining momentum and might soon break above the $3,950 resistance level. Ethereum has managed to stay in a positive zone and has maintained its position above the $3,680 support level. The price is currently trading above $3,770 and the 100-hourly Simple Moving Average, indicating a bullish trend in the near future.
Recently, there was a breakthrough a short-term bearish trend line with resistance at $3,870 on the hourly chart of ETH/USD. This breakthrough suggests that Ethereum might continue to rise if it clears the $3,890 resistance zone. The price of Ethereum has been well-bid above the $3,670 support level, indicating a strong base for further gains. The bulls have managed to push the price above the $3,780 resistance level, indicating a positive trend for Ethereum in the near future.
There has been a clear move above the 50% Fib retracement level of the downward move from the $3,956 swing high to the $3,680 low. Additionally, there was a breakout above a short-term bearish trend line with resistance at $3,870 on the hourly chart of ETH/USD. Ethereum price is currently trading above $3,780 and the 100-hourly Simple Moving Average, setting the stage for further upward movement. However, the price is facing hurdles near the $3,890 level and the 76.4% Fib retracement level, which may act as resistance in the short term.
The first major resistance level for Ethereum is near $3,950, with the main resistance forming near $3,980. A clear move above the $3,980 resistance level could potentially push the price towards the $4,000 resistance level. If Ethereum manages to break above $4,000, it could indicate further gains in the coming sessions, potentially reaching the $4,050 resistance zone or even $4,120. However, if Ethereum fails to clear the $3,890 resistance level, it may experience another decline, with initial support at $3,820 and major support at $3,775, with further support levels at $3,720 and $3,650.
In terms of technical indicators, the hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a positive outlook for Ethereum price. The hourly RSI for ETH/USD is now above the 50 zone, further supporting the bullish trend. The major support level for Ethereum is at $3,775, while the major resistance level is at $3,890. Overall, the Ethereum price is showing signs of a potential upward movement in the near future, with key resistance levels at $3,950, $3,980, and $4,000.
