BTC / USD
16,984.66
0.36%
(-61.06)
ETH / USD
1,255.92
0.3%
(-3.8)
XRP / USD
0.39
1.25%
(-0)
LTC / USD
79.45
1.72%
(-1.39)
EOS / USD
0.96
2.59%
(+0.02)
BCH / USD
111.20
1.58%
(-1.79)
ADA / USD
0.32
1.25%
(-0)
XLM / USD
0.09
1.56%
(-0)
NEO / USD
7.11
2.82%
(+0.19)
XEM / USD
0.03
0.3%
(-0)
DASH / USD
46.04
1.75%
(-0.82)
USDT / USD
1.00
0%
(0)
BNB / USD
288.34
0.27%
(-0.77)
QTUM / USD
2.20
0.05%
(0)
XVG / USD
0.00
0.67%
(-0)
ONT / USD
0.19
0.59%
(-0)
ZEC / USD
45.46
0.57%
(-0.26)
STEEM / USD
0.18
1.41%
(-0)

Why Ethereum Bulls Aim Fresh Rally Above $4K

0

Ethereum is holding gains above the $3,800 level against the US Dollar. ETH price is struggling near $3,880, but it could accelerate higher unless the bulls fail to protect $3,680.

  • Ethereum started another decline from the $3,880 resistance zone.
  • The price is trading above $3,800 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $3,880 zone to start a fresh increase in the near term

Ethereum Price Remains Supported

Ethereum made another attempt to gain strength above the $3,850 level. ETH spiked above $3,880, but there was no upside continuation. A high was formed near $3,891 before there was a downside correction.

The price declined below the $3,850 and $3,820 levels. Besides, there was a break below the 50% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. However, the bulls were active near the $3,750 zone and the 100 hourly simple moving average.

It found support near the 61.8% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. There is also a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

Ether price is now trading above $3,800 and the 100 hourly simple moving average. An immediate resistance is near the $3,850 level. The next major resistance is near the $3,880 level. A clear upside break above the $3,880 level could pump the price towards $4,000. Any more gains could send the price towards the $4,120 level. The next main resistance is near the $4,250 level.

Downside Break in ETH?

If ethereum fails to start a fresh increase above the $3,850 level, it could continue to move down. An initial support on the downside is near the $3,800 level.

The first key support is now forming near the $3,740 level. A downside break below the $3,740 level might lead the price towards the key $3,680 support in the near term. The next major support is near the $3,600 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is above the 50 level.

Major Support Level – $3,740

Major Resistance Level – $3,850

Leave A Reply

Your email address will not be published.