Ethereum’s price has been steadily rising, with bullish momentum driving it towards higher gains. The cryptocurrency has surpassed the $3,900 resistance level and is currently consolidating around $3,880. This consolidation phase suggests that Ethereum might continue to grind higher in the near future.
Notably, Ethereum started another increase above the $3,850 resistance level. It is currently trading above both $3,850 and the 100-hourly Simple Moving Average, indicating a positive trend. Additionally, a major bullish trend line is forming with support at $3,860 on the hourly chart of ETH/USD.
There are expectations that Ethereum’s price could rise further and potentially test the $4,000 resistance zone in the near term. If the price manages to break above $4,000, it might gain traction and rise towards the $4,080 level. Further gains could lead Ether to the $4,220 and $4,350 resistance zones.
However, if Ethereum fails to clear the $3,940 resistance level, it could experience a decline. The first support on the downside is expected at the $3,860 level and the trend line, followed by the $3,800 zone. A clear move below $3,800 could push the price towards $3,720, and any further losses might bring it closer to the $3,630 level.
The technical indicators show that the Hourly MACD is losing momentum in the bullish zone, which could indicate a potential slowdown in the upward trend. However, the Hourly RSI is still above the 50 zone, suggesting that there is still room for further upward movement.
Overall, the Ethereum price continues to climb, driven by bullish momentum. It is currently consolidating near $3,880 and there are expectations for it to potentially break the $4,000 resistance level in the near future. However, if it fails to do so, a decline towards the $3,800 and $3,720 levels could be expected.