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.
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 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
