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.
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.
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