Ethereum ’s recent performance has shown a notable upward trajectory, with prices recovering from a low around the $3,650 level. Currently, Ethereum (ETH) is poised for potential gains, indicating a strong move toward surpassing the $3,950 resistance level.
In the last few sessions, Ethereum has demonstrated resilience by maintaining positions above the $3,680 support zone. The cryptocurrency surpassed the $3,770 level and positioned itself above the 100-hourly Simple Moving Average, showcasing a solid bullish momentum. A significant breakout occurred above a bearish trend line, which had previously posed resistance at approximately $3,870 on the hourly chart.
As ETH trades above the $3,780 level, it appears to be facing obstacles near the $3,890 region. This level coincides with a 76.4% Fibonacci retracement of its recent decline, which reinforces its significance. The primary resistance is forecasted around the $3,950 level, while a further hurdle exists near the $3,980 level. A decisive break above $3,980 could propel Ethereum towards the psychological $4,000 level, with potential gains extending to the $4,050 and $4,120 levels.
Conversely, if Ethereum struggles to breach the $3,890 resistance, it may experience a reversal. Initial support is likely situated around $3,820, with stronger backing near the $3,775 zone. Should the price fall below $3,775, it could descend to the $3,720 support level, and further declines may push Ethereum down to $3,650 or lower, with key support identified at $3,620.
Technical indicators reveal that the hourly MACD is gaining bullish momentum, while the RSI has settled above the neutral 50 zone, indicating a favorable atmosphere for potential upward movements in the ETH market.
