Ethereum Price Analysis: ETH Aims for Fresh Increase Above $3,750 Resistance

Ethereum’s price has extended its upward movement, surpassing the $3,650 zone and consolidating gains. The cryptocurrency is now trading above $3,650 and the 100-hourly Simple Moving Average (SMA), with a connecting bullish trend line forming support at $3,660 on the hourly chart of ETH/USD.

Ethereum Price Climbs Above $3,700

Ethereum’s price remained stable above the $3,550 level and extended its upward move, similar to Bitcoin’s recent surge. The bulls successfully surpassed the $3,700 resistance level, paving the way for a move toward the $3,750 level. A high was formed at $3,742, and the price is now consolidating gains. A minor decline below the 23.6% Fib retracement level of the upward move from the $3,593 swing low to the $3,742 high was observed.

Technical Analysis and Resistance Levels

Ethereum’s price is currently trading above $3,660 and the 100-hourly SMA, with the connecting bullish trend line forming support at $3,660 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $3,593 swing low to the $3,742 high. On the upside, the price is facing hurdles near the $3,710 level, with the first major resistance near the $3,750 level. The main resistance is now forming near $3,780.

A clear move above the $3,780 resistance might send the price toward the $3,850 resistance. An upside break above the $3,850 resistance could lead to further gains in the coming sessions, potentially pushing Ether toward the $3,920 resistance zone or even $4,000 in the near term.

Potential Decline in ETH

If Ethereum fails to clear the $3,750 resistance, it could start another decline. Initial support on the downside is near the $3,660 level and the trend line, with the first major support sitting near the $3,620. A clear move below the $3,620 support might push the price toward the $3,550 support, and any further losses could send the price toward the $3,500 support level in the near term. The next key support sits at $3,420.

Technical Indicators

* Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
* Hourly RSI: The RSI for ETH/USD is now above the 50 zone.
* Major Support Level: $3,660
* Major Resistance Level: $3,750

Conclusion

In conclusion, Ethereum’s price is consolidating gains above $3,650 and aims for a fresh increase above the $3,750 resistance. The cryptocurrency’s technical indicators, such as the hourly MACD and RSI, suggest a bullish momentum. However, if Ethereum fails to clear the $3,750 resistance, it could start another decline. Investors should closely monitor the price movement and adjust their strategies accordingly.

Source: Newsbtc.com

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