Why Ethereum bulls aim for a new rebound above $4,000

The exchange rate of Ethereum against the U.S. dollar remained above US$3,800. The price of ETH is struggling near US$3,880, but unless the bulls fail to protect US$3,680, it may accelerate higher.

  • Ethereum started to fall again from the resistance zone of $3,880.
  • The price is trading above $3,800 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), a key bullish trend line is formed, and the support level is near 3,800 USD.
  • The currency pair must break through the 3,880 USD area to start a new rise in the near future

Ethereum price is still supported

Ethereum try again Gain strength above US$3,850. ETH soared above 3,880 USD, but did not continue to rise. Before the downside correction, a high was formed near $3,891.

The price fell below the levels of US$3,850 and US$3,820. In addition, there is a break below the 50% Fibonacci retracement level of the upward movement from the low of $3,681 to the high of $3,891.However, the bulls are active near the $3,750 area, while 100 hour simple moving average.

It found support near the 61.8% Fibonacci retracement level that moved up from the swing low of $3,681 to the high of $3,891. On the hourly chart of ETH/USD, there is also a key bullish trend line formed, and the support level is near 3,800 USD.

Source: ETHUSD on TradingView.com

The price of Ethereum is now trading above $3,800 and the 100-hour simple moving average. The immediate resistance is near $3,850. The next major resistance is near the $3,880 level. A clear upward break above the level of US$3,880 may push the price to US$4,000. Any more gains could push the price up to the level of $4,120. The next major resistance is near the $4,250 level.

ETH downside breakthrough?

If Ethereum fails to start a new rise above $3,850, it may continue to fall. The initial support for the downside is near $3,800.

The first key support level is forming near the $3,740 level. A break below the $3,740 level may cause the price to fall to the key support level of $3,680 in the short term. The next major support is near the $3,600 level.

Technical index

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

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

Main support level-3,740 USD

Main resistance-3,850 USD

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