Ethereum has seen a notable increase, climbing above the $3,750 level and showing signs of continued upward momentum. The cryptocurrency has consolidated its gains and appears to be targeting the critical resistance level at $3,980.
Currently, Ethereum is trading just below the $3,800 level and is influenced by the 100-hourly Simple Moving Average. A bullish trend line is forming, providing support around the $3,840 level on the hourly ETH/usd chart. Should the price successfully breach the $3,950 and $3,980 resistance levels, it could set the stage for a further rally.
In comparing Ethereum ’s performance to Bitcoin , it has outperformed, stabilizing above the $3,750 level and breaking through several resistance points, including $3,800 and $3,880. The price peaked at $3,988 before entering a phase of consolidation. Although a slight dip occurred below the $3,920 level, it remained above the essential 23.6% Fibonacci retracement level of the previous upward movement.
On the charts, Ethereum is positioned above the $3,800 level and the aforementioned moving average. Despite this, the price is encountering hurdles around the $3,950 resistance. The immediate resistance remains at $3,980, while a more significant barrier is forming around the $4,000 level. A breakthrough above $4,000 could propel Ethereum towards $4,150, suggesting that if the price rises past $4,150, additional gains could materialize, potentially reaching as high as $4,250 or $4,320.
Conversely, if Ethereum is unable to surpass the $3,980 resistance, it may embark on a downward correction. Key support levels to watch include $3,840 and $3,750. A substantial move below $3,750 could lead to further declines toward $3,665 and possibly down to the $3,550 area, with critical support identified at $3,500.
In terms of technical indicators, the MACD for Ethereum is gaining bullish momentum, and the Relative Strength Index (RSI) is currently positioned above the 50 level, indicating a favorable outlook for the cryptocurrency in the short term.
