Ethereum saw a new increase of more than $3,750 against the US dollar. The ETH market is struggling to keep pace with the US Dollar’s $3,750 level.
- Ethereum saw a steady rise above the $3700 and $3,750 zones.
- The 100 hourly moving average is at the same level as $3,750.
- A key bullish trend lien is developing with support at $3,780 (data feed via Kraken).
- To avoid further declines in the short term, the pair should remain above the SMA 100 hours per hour.
Ethereum Prices Decently Increasing
Ethereum established a base of $3,600 above the resistance zone and began a new increase. ETH reached the $3750 resistance zone and moved into a positive zone.
Clear movement was seen above the $3800 and 100-hourly simple moving average levels. The price has been consolidating its gains and a new weekly high near $3854 was achieved. The price fell slightly below the levels of $3,840 and 3,820.
Below the 23.6% Fib level of the recent rise from $3622 swing high to $3854 high, the price was trading below. The 100-hourly simple moving average and it is trading close to $3,800.
Source: TradingView.com, ETHUSD
Near the $3,820 area is immediate resistance to the upside. Next is the $3,850 mark. Price could reach $4,000. A strong upside breakout of the $3850 level would be a major resistance. Additional gains may push the price up to the $4,120 mark. There is a strong resistance at the $4,200 mark.
What’s the down side to Ethereum?
If ethereum does not start an increase above $3,850, then it may start a downtrend. The trend line or near the $3780 level provides initial support for the downside. Now, the first support level is near the 3/885 and 100 hourly SMA.
Bulls may feel pressured if the price falls below the 100 hourly SMA. If this is the case, then the price might fall to the $3,740 support area in the short term. This price is at the 50% Fib level of the recent rise from $3.622 swing lows to $3.854 highs.
Technical Indicators
Minutely MACD – In the bullish zone, the MACD is losing momentum for USD/ETH.
Hourly RSI – The RSI of ETH/USD hovers around the 50 mark.
Major Support Level – $3,750
Major Resistance Level – $3,850