Ethereum has experienced a notable increase from the $3,550 range, demonstrating bullish momentum and setting its sights on breaching the $3,920 resistance level. Currently, ETH maintains a solid position above $3,650, trading well over $3,750 and surpassing the 100-hourly Simple Moving Average. A significant bullish trend line is also evident, providing support at the $3,800 mark on the hourly chart for ETH/usd .
After establishing a stable base, Ethereum ’s price recently made a fresh upward move, propelled by bullish activity reminiscent of Bitcoin ’s rally. The price surpassed the $3,800 resistance and achieved a peak at $3,895. Positive indicators suggest continued upward movement, as prices remain above the 23.6% Fibonacci retracement level from the recent swing low of $3,505 to the recent high at $3,895.
While trading above the $3,750 level, the price faces multiple hurdles. The first major resistance appears near $3,920, with the more significant barrier developing at $3,950. Should Ethereum successfully break past the $3,950 resistance, it may accelerate towards the $4,000 level, potentially extending gains toward the $4,050 or even $4,120 regions.
Conversely, if Ethereum struggles to overcome the $3,920 resistance, it could initiate a downward trend. Immediate support is located around $3,800, with additional support at $3,750. A decisive drop below this level could lead the price down towards $3,700 or the 50% Fibonacci retracement level. Further declines may see Ethereum test the $3,650 support, with a significant support area positioned at $3,600.
In terms of technical indicators, the hourly MACD is gaining strength within a bullish pattern, while the relative strength index (RSI) has moved above the neutral 50 level, indicating sustaining bullish sentiment in the market.
