Ethereum
Far from being finished, more gains are to come! — TradingView News
Ethereum price extended its rise and tested $3,840. ETH holds on to its gains and appears to be eyeing a move towards the $4,000 level.
- Ethereum started a fresh rise and traded above the $3,750 resistance zone.
- The price is trading above $3,700 and the 100 hourly simple moving average.
- A short-term bullish trendline is forming with support at $3,710 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to rise unless there is a break below the $3,380 support.
Ethereum Price eyes further gains
Ethereum price began another rally after reports of increased hopes for the ETH ETF. There was a move above the $3,500 and $3,650 resistance levels.
ETH outperformed Bitcoin and even surpassed the $3,750 level. A new weekly high was reached at $3,838 and the price is now consolidating its gains. It is trading well above the 23.6% Fibonacci retracement level of the ascending wave from the $3,065 low to $3,838 high.
Ethereum is now trading above $3,700 and the 100 hourly simple moving average. There is also a short-term bullish trend line forming with support at $3,710 on the ETH/USD hourly chart.
Immediate resistance is near the $3,840 level. The first major resistance is near the $3,880 level. An upside break above the $3,880 resistance could send the price higher. The next key resistance lies at $3,950, above which the price could gain ground and reach the $4,000 level.
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If there is a clear move above the $4,000 level, the price could move higher and test the $4,080 resistance. Any further gains could send Ether towards the $4,200 resistance zone.
Are downsides limited in ETH?
If Ethereum fails to clear the $3,840 resistance, it could trigger a downward correction. Initial downside support is near the $3,710 level and the trendline.
The next major support lies near the $3,620 area. A sharp move below the $3,620 support could push the price towards $3,450 or the 50% Fibonacci retracement level of the ascending wave from the $3,065 low to $3,838 high. Any further losses could push the price towards the $3,380 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 correcting from the 75 area.
Major Support Level – $3,620
Major Resistance Level – $3,840