Ethereum shows early signs of a new rebound, but 100 SMA is the key

The exchange rate of Ethereum against the U.S. dollar began to rise above 3,750 U.S. dollars. The price of ETH is now struggling to break through the $3,850 area.

  • Ethereum began to steadily rise to the USD 3,700 area and above USD 3,750.
  • The price is trading above $3,750 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), a key bullish trend lien is formed, with support near $3,780.
  • The currency pair must remain above the 100-hour moving average to avoid a new decline in the near future.

Ethereum price starts to rise sharply

Ethereum formed a foundation higher than $3,600 and started New additionETH can climb above the resistance zone of 3,750 USD and enter the positive zone.

Significantly higher than 3,800 USD and the 100-hour simple moving average. A new weekly high was formed near $3,854, and the price is now consolidating gains. It fell slightly below the levels of US$3,840 and US$3,820.

The price is below the 23.6% Fibonacci retracement level of the recent rise from a low of $3,622 to a high of $3,854. Its current trading price is close to 3,800 US dollars, 100 hour simple moving average.

Ethereum price
Source: ETHUSD on TradingView.com

The immediate upside resistance is near $3,820. The next major resistance is near the $3,850 level. A clear upward breakthrough of the level of 3,850 US dollars may push the price to 4,000 US dollars. Any more gains could push the price to the level of $4,120. The main resistance is near 4,200 USD.

ETH downside breakthrough?

If Ethereum fails to start a new rise above $3,850, it may start a downward correction. The initial support for the downside is near the $3,780 or trend line. The first key support level is now formed near $3,865 and the 100-hour moving average.

A break below the 100-hour moving average may put a lot of pressure on the bulls. Under the above circumstances, the price may fall to the support area of ​​$3,740 in the short term. It is close to the 50% Fibonacci retracement level of the recent rise from a low of $3,622 to a high of $3,854.

Technical index

MACD per hour —— The MACD of ETH/USD is now losing pace in the bullish zone.

Hourly RSI —— The RSI of ETH/USD is close to the 50 level.

Main support level-3,750 USD

Main resistance-3,850 USD

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