Ethereum is showing signs of renewed strength as its price aims for the $4,000 mark. To continue its upward momentum, ETH needs to surpass the resistance at $3,680 in the near future.
Currently, Ethereum is experiencing a surge above the $3,500 support level and is trading above $3,600, along with the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bullish trend line is forming with support at $3,560.
ETH’s price began its upward move above the $3,550 resistance level, similar to Bitcoin. It surpassed the $3,650 resistance zone and reached a high of $3,680 before consolidating its gains. The price is holding above the 23.6% Fib retracement level of the upward move from the $3,301 swing low to the $3,680 high.
If Ethereum can establish itself above the $3,680 resistance level, it has the potential to continue rising. The first major resistance lies near the $3,720 level, followed by a key hurdle at $3,750. Surpassing these levels could fuel bullish momentum and push the price towards $3,880. If the bullish trend persists, Ethereum might even aim for the $4,000 resistance level. Further gains could lead to a test of $4,080.
However, if Ethereum fails to break above the $3,680 resistance, it may experience a decline. The initial support on the downside sits near $3,600, with the first major support at the $3,580 zone and the trend line. A more significant support level is found at the $3,500 zone or the 50% Fib retracement level. If the price falls below $3,500, it could head towards $3,380 and potentially even $3,120.
In terms of technical indicators, the MACD for ETH/USD is gaining bullish momentum, and the RSI is now above the 50 level.
It’s important to note that this information should not be taken as financial advice. Conduct your own research and make investment decisions at your own risk.