The price of Ethereum has risen 5%, and bulls have pushed it above $4,000 to the US Dollar. The price of Ethereum may continue rising if the support level is not exceeded at $3,920.
- Ethereum moved faster than the resistance levels of $3,850 or $3,920.
- The 100-hourly moving average is at $4,000, and the price trades above that.
- On the hourly chart of Ethereum/USD, there was an upward movement above a bearish trend line. Resistance is near $3840. (Data feed via Kraken).
- If the pair remains above $3,920 and the 100 hourly SMA, it could see a new increase.
Ethereum prices gain momentum
Ethereum experienced a gradual recovery from the levels of $3,800 resistance and $3,850 resistance. After a near miss at the $3,850 level, ETH gained momentum.
Bulls move the price higher than the 50% Fib level of the pivotal decline from $4,175 swing highs to $3,666 bottoms. A break was also seen above the key bearish trendline with resistance at $3,840, on an hourly chart for ETH/USD.
Ether is trading at above $4,000 as well as the 100-hourly simple moving mean. The resistance level of $4,050 was tested. This resistance lies near the 76.4% Fib level of the main decline, from $4,175 high swing low to $3,666 high.
Source: TradingView.com ETHUSD
Next is $4,080. An obvious move above the $4,000.80 level may trigger an immediate increase. Next stop for bulls may be at $4,150. The bulls could move up to the $4.250 level if they close above that level. It could rise to the $4,350 mark in the above scenario.
Are Dips Available in ETH
If ethereum does not start an increase above $4,050, then it may start a downtrend. Initial support is located near the $3960 level.
Key support lies near the $3920 level and the 100-hourly simple movement average. The price may lose more if it breaks below $3,920. Next major support is at $3,880. Below which bears could aim to test $3,750.
Hourly MACD – In the bullish zone, the MACD is gradually losing speed for ETH/USD.
Hourly RSI – The RSI is well over 50 for USD/ETH.
Major Support Level – $3,920
Major Resistance Level – $4,050