Ethereum has shown positive momentum recently, breaking above the $3,950 and $4,000 levels. This upward movement indicates a potential for further gains, particularly if it can surpass key resistance levels.
Currently, the price trades just under $4,000 and the 100-hourly Simple Moving Average, making it essential for Ethereum to maintain its footing above $3,940, where a significant bullish trend line is forming. If it can successfully navigate through resistance at $4,080 and $4,120, there could be a strong push toward the $4,250 level.
Despite gaining traction above $3,880, Ethereum ’s performance has lagged behind Bitcoin . The price reached a high of $4,107 but has since pulled back, briefly dipping below $4,000 before starting to recover. The recent moves suggest that Ethereum is climbing above key Fibonacci retracement levels, indicating resilience and a potential for continued upward movement.
On the technical front, Ethereum faces immediate resistance around the $4,025 level, with a major barrier identified at $4,070. A decisive increase beyond $4,120 could ignite a rally, possibly sending prices to the $4,250 resistance and, if conditions remain favorable, even targeting the $4,350 to $4,500 range.
However, if Ethereum struggles to break through the $4,120 resistance, it may experience a setback. Key support lies at $3,940, with additional support levels around $3,880 and $3,800. A fall below $3,940 could suggest further declines, with the next significant support identified at $3,750.
Overall, Ethereum is in a critical phase, grappling with resistance but also displaying bullish indicators that suggest the potential for upward momentum if the market conditions align favorably.
