The price of Ethereum has continued to rise, surpassing the $3,650 mark and is now consolidating, aiming to break through the $3,750 resistance level.
- ETH initiated a strong recovery above $3,700.
- Currently, the price is above $3,650 and the 100-hour Simple Moving Average.
- A bullish trend line is forming with support at $3,660 on the hourly chart of ETH/USD (data feed via Kraken).
- If the price clears the $3,750 resistance, it could see further uptrend.
Ethereum Price Surges Past $3,700
Ethereum’s price remained steady above $3,550 and continued its upward momentum, similar to Bitcoin. The price of ETH moved above both the $3,620 and $3,650 resistance levels.
The bulls managed to break the $3,700 barrier, paving the way for a potential move towards $3,750. After reaching a high of $3,742, the price is currently consolidating. A slight decline was observed below the 23.6% Fib retracement level from the recent swing low of $3,593 to high of $3,742.
Currently, Ethereum is trading above $3,660 and the 100-hourly Simple Moving Average. A bullish trend line is also in formation, providing support at $3,660 on the ETH/USD hourly chart. This trend line aligns closely with the 50% Fib retracement level.
On the upside, the price may face obstacles near $3,710 before reaching the major resistance at $3,750. The next significant barrier lies at $3,780, with a clear breakthrough potentially propelling the price towards $3,850.
If the price manages to breach the $3,850 resistance, it could signal further gains in the upcoming sessions, potentially targeting $3,920 or even $4,000 in the near future.
Possible Downward Movement for ETH?
In case Ethereum fails to surpass the $3,750 resistance, a downward trend may ensue. Initial support levels are at $3,660 and the aforementioned trend line, followed by a major support at $3,620.
A significant drop below $3,620 could lead the price towards $3,550, and further losses could push it to $3,500. The next crucial support level sits at $3,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD indicates bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $3,660
Major Resistance Level – $3,750
