Ethereum Price Indicators Flash Green: More Upsides Ahead?

Ethereum

Ethereum price is slowly moving higher above the $3,800 resistance zone. ETH could gain bullish momentum if it clears the $3,880 and $3,920 resistance levels.

  • Ethereum is holding gains above the $3,800 level.
  • The price is trading above $3,840 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support near $3,840 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 $3,800 support.

Ethereum Price Eyes More Upsides

Ethereum price remained stable above the $3,760 support zone. ETH formed a base and started another increase above the $3,800 level like Bitcoin.

There was a move above the $3,820 level and $3,840. The price tested the $3,880 resistance zone. A high was formed at $3,884 and the price is now consolidating gains in a range. It already tested the 23.6% Fib retracement level of the upward move from the $3,729 swing low to the $3,884 high.

Ethereum is now trading above $3,800 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $3,840 on the hourly chart of ETH/USD.

If there is another increase, ETH might face resistance near the $3,880 level. The first major resistance is near the $3,920 level. An upside break above the $3,920 resistance might send the price higher. The next key resistance sits at $4,000, above which the price might gain traction and rise toward the $4,080 level.

Source: ETHUSD on TradingView.com

If the bulls push Ether above the $4,080 level, the price might rise and test the $4,200 resistance. Any more gains could send Ether toward the $4,320 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $3,880 resistance, it could start a downside correction. Initial support on the downside is near $3,840 and the trend line.

The next major support is near the $3,800 zone and the 50% Fib retracement level of the upward move from the $3,729 swing low to the $3,884 high. A clear move below the $3,800 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 MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

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

Major Support Level – $3,800

Major Resistance Level – $3,880

Articles You May Like

Ethereum Retraces: Here’s Why ETH Bulls Must Decisively Break Above $3,500
CBOE Global Markets Lists Spot Ethereum ETFs, Confirms Launch Date
Ripple CEO Says SEC Lawsuit Is Almost At Its Ends, Here’s The Next Important Date
Ethereum Eclipses Solana In 2024 Inflows Amid Hype For Upcoming ETF Launch
ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, What’s Going On?