Ethereum Price found support near the $3,680 zone. ETH is currently on the rise and may soon be aiming to move to the $4,000 zone.
- Ethereum has begun new increases above the $3,740 and $3,800 levels.
- The price is trading above $3,820, and is a simple moving average of 100 hours.
- The ETH/USD hourly wage chart (data feed via Kraken) had a break above the bearish trendline with resistance of $3,810.
- The pair could start a new increase if supported beyond the $3,800 zone in the short term.
Ethereum prices get fresh profits
Ethereum prices started with the defect corrections from the $3,940 level, like Bitcoin. ETH prices fell below the support levels of $3,900 and $3,800.
The Bears were below the 50% FIB retracement level of the upward movement from a $3,515 swing to a height of $3,940. Finally, the price fell below $3,700, and the simple 100-hour moving average skyrocketed. We tested the $3,680 support zone.
The Bulls protected a 61.8% FIB retracement level of upward movements from a $3,515 swing to $3,940 height. Prices are again rising above the $3,750 level. The ETH/USD hourly wage chart showed resistance at $3,810 and a break above the bearish trendline.
Ethereum prices are currently trading above $3,820, a simple moving average of 100 hours. The advantage is that the price could face resistance close to the $3,880 level. The next important resistance is close to the $3,920 level. The first major resistance is close to the $3,940 level. A clear move above the $3,940 resistance could direct the price towards a $3,980 resistance.
An upward break above the $3,980 resistance could require more profits in future sessions. If stated, ether could rise towards a $4,050 resistance zone, and even $4,120.
Another drop in ETH?
If Ethereum fails to clear the $3,880 resistance, it could begin a negative side fix. The initial support for the downside is close to the $3,800 level. The first major support will be near the $3,720 zone.
A clear move below the $3,720 support could push the price up to $3,680 support. Any further losses could send prices towards a support level of $3,565 in the short term. The following key support is $3,500:
Technical indicators
Timely MACD – ETH/USD's MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD's RSI is over 50 zones.
Key Support Levels – $3,800
Major Resistance Levels – $3,880
