Ethereum's price witnessed a notable increase, surpassing the $3,750 mark. The cryptocurrency is now consolidating its gains and appears poised for a potential breakthrough above the $3,980 resistance level.
Ethereum’s upward trajectory [commenced](Can Ethereum's Bullish Momentum Push Price Past $4,000?") notably above both the $3,750 and $3,800 levels. Despite this rise, it currently trades below $3,800 and the 100-hourly Simple Moving Average. A bullish trend line provides support at $3,840 on the hourly chart of ETH/USD, as reported by Kraken data. Clearing the $3,950 and $3,980 resistance levels could pave the way for further upward movement.
Ethereum's price stability has enabled it to outpace Bitcoin, maintaining a strong performance above $3,750. The cryptocurrency successfully breached the $3,800 and $3,880 resistance barriers. This bullish trend drove ETH past $3,920 and $3,950, reaching a high of $3,988 before entering a consolidation phase. A slight retreat followed, dipping below $3,920 and the 23.6% Fibonacci retracement level, but Ethereum remains above $3,800 and the 100-hourly moving average. A bullish trend line with support at $3,840 persists on the hourly ETH/USD chart.
Despite bullish momentum, the $3,950 level presents a notable hurdle. The first major resistance hovers near $3,980, with the principal resistance forming around $4,000. Should Ethereum decisively surpass this $4,000 threshold, it could potentially target the $4,150 resistance.
Breaking past the $4,150 resistance zone may signal further gains in subsequent trading sessions, potentially elevating Ether towards $4,250 or even $4,320.
Failure to overcome the $3,980 resistance could trigger a renewed decline for Ethereum. Initial support appears at both the $3,840 level and along the trend line. Major support stands near the $3,750 threshold, which aligns with the 50% Fibonacci retracement from the $3,527 swing low to the peak at $3,988. A definitive move below this support could push the price towards $3,665, with further declines possibly directing attention to $3,550 and finally $3,500.
The hourly MACD for ETH/USD indicates increased momentum in the bullish zone. Similarly, the hourly RSI for ETH/USD has edged above the 50 mark, signaling continued positive sentiment. Critical support is identified at $3,840, with primary resistance at $3,980.