Ethereum Price struggled to surpass the $3,940 zone. ETH is currently consolidating its profits and may be aiming to move to $4,000 soon.
Ethereum has begun new increases above the $3,840 and $3,880 levels. The price is trading above $3,800, and is a simple moving average of 100 hours. The ETH/USD hourly wage chart (data feed via Kraken) has a bearish trendline that forms at $3,840. The pair could start a new increase if supported beyond the $3,725 zone in the short term.
Ethereum Price retains support
Ethereum Price struggled to expand its profits beyond the $3,940 level, like Bitcoin. ETH prices began a negative side correction starting at $3,939 in height and were traded below $3,900.
The price fell below the $3,820 support level and below the 23.6% FIB retracement level from a swing value of $3,515 to a $3,939. Additionally, the ETH/USD hourly wage chart has been reluctant at $3,840, creating a trend line that can withstand it.
However, the price is stable beyond the $3,720 support and 50% FIB retracement level, ranging from a low swing of $3,515 to a $3,939. Ethereum prices are currently trading above $3,800, a simple moving average of 100 hours.
The advantage is that the price could face resistance close to the $3,840 level. The next important resistance is close to the $3,880 level. The first major resistance is close to the $3,940 level. A clear move above the $3,940 resistance could direct the price towards a $3,965 resistance.
An upward break above the $3,965 resistance could require more profits in future sessions. If specified, ether could rise towards a $4,000 resistance zone, or even $4,120.
Another drop in ETH?
If Ethereum fails to clear the $3,840 resistance, it could begin a negative side fix. The initial support for the downside is close to the $3,720 level. The first major support is located near the $3,680 zone.
A clear move below the $3,680 support could push the price up to $3,650 support. Any further losses could send prices towards a support level of $3,550 in the short term. The following key support is $3,420.
Technical indicators
HOURLY MACD – ETH/USD’s MACD is losing momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is below 50 zones.
Key Support Levels – $3,720
Major Resistance Levels – $3,840
