Ethereum price extended its increase above the $3,650 zone. ETH is consolidating and aims for a fresh increase above the $3,750 resistance.
- Ethereum started a decent recovery wave above the $3,700 zone.
- The price is trading above $3,650 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,660 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $3,750 resistance level.
Ethereum Price Climbs Above $3,700
Ethereum price remained stable above the $3,550 level and extended its upward move similar to Bitcoin. ETH gained momentum for a move above the $3,620 and $3,650 resistance levels.
The bullish momentum enabled a surpass of the $3,700 resistance level, paving the path for a possible approach towards the $3,750 level. A high was recorded at $3,742, followed by a consolidation phase. A minor decline occurred below the 23.6% Fibonacci retracement level of the upward movement from $3,593 swing low to $3,742 high.
Currently, Ethereum price trades above $3,660 and the 100-hourly Simple Moving Average. A connecting bullish trend line is forming with support at $3,660 on the hourly chart of ETH/USD, which aligns closely with the 50% Fibonacci retracement level of the recent upward movement.
On the upside, the price faces initial resistance near the $3,710 level, followed by major resistance at $3,750. An additional significant resistance level is appearing near $3,780. A definitive move above $3,780 could potentially drive the price towards the $3,850 resistance.
A successful breakout above the $3,850 resistance could prompt further gains, potentially pushing Ether towards the $3,920 resistance zone or even reaching $4,000 in the near term.
Potential Decline in ETH?
Conversely, should Ethereum fail to break through the $3,750 resistance, a subsequent decline could initiate. Initial support is located around the $3,660 level and trend line. The first major support level is near $3,620.
A clear decline below the $3,620 support may drive prices toward the $3,550 level, and any further losses could threaten to push Ethereum towards $3,500 in the near future. The next critical support lays at $3,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,660
Major Resistance Level – $3,750
