Ethereum price found support near the $3,680 zone. ETH is now rising and might soon aim for a move toward the $4,000 zone.
Ethereum started a fresh increase above the $3,740 and $3,800 levels.
The price is trading above $3,820 and the 100-hourly Simple Moving Average.
There was a break above a bearish trend line with resistance at $3,810 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it remains supported above the $3,800 zone in the near term.
Ethereum Price Eyes Fresh Gains
Ethereum price started a downside correction from the $3,940 level, like Bitcoin. ETH price declined below the $3,900 and $3,800 support levels.
The bears even pushed the price below the 50% Fib retracement level of the upward move from the $3,515 swing low to the $3,940 high. Finally, the price spiked below $3,700 and the 100-hourly Simple Moving Average. It tested the $3,680 support zone.
The bulls protected the 61.8% Fib retracement level of the upward move from the $3,515 swing low to the $3,940 high. The price is again rising above the $3,750 level. There was a break above a bearish trend line with resistance at $3,810 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,820 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,880 level. The next key resistance is near the $3,920 level. The first major resistance is near the $3,940 level. A clear move above the $3,940 resistance might send the price toward the $3,980 resistance.
An upside break above the $3,980 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,050 resistance zone or even $4,120 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $3,880 resistance, it could start a downside correction. Initial support on the downside is near the $3,800 level. The first major support sits near the $3,720 zone.
A clear move below the $3,720 support might push the price toward the $3,680 support. Any more losses might send the price toward the $3,565 support level in the near term. The next key support sits at $3,500.
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 – $3,800
Major Resistance Level – $3,880
