Ethereum Price Continues Its Climb: Bullish Momentum Drives Higher Gains

Ethereum
price
extended
its
increase
above
the
$3,900
resistance.
ETH
is
now
consolidating
near
$3,880
and
might
continue
to
grind
higher
in
the
near
term.

• Ethereum
  started
  another
  increase
  above
  the
  $3,850
  resistance.
• The
  price
  is
  trading
  above
  $3,850
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  is
  a
  major
  bullish
  trend
  line
  forming
  with
  support
  at
  $3,860
  on
  the
  hourly
  chart
  of
  ETH/USD
  (data
  feed
  via
  Kraken).
• The
  pair
  could
  continue
  to
  move
  up
  and
  test
  the
  $4,000
  resistance
  zone
  in
  the
  near
  term.

Ethereum
Price
Eyes
$4,000

Ethereum
price
remained
supported
above
the
$3,650
support
zone.
ETH
started
another
increase,
outperformed

Bitcoin,
and
climbed
above
the
$3,750
level.

There
was
a
move
above
the
$3,850
resistance.
The
bulls
pushed
the
price
above
the
$3,940
resistance.
It
traded
close
to
the
$4,000
resistance.
A
high
was
formed
near
$3,973
and
the
price
is
now
correcting

gains.
There
was
a
minor
decline
below
the
$3,920
level.

The
price
dipped
below
the
23.6%
Fib
retracement
level
of
the
upward
move
from
the
$3,630
swing
low
to
the
$3,973
high.
Ethereum
price
is
trading
above
$3,850
and
the
100-hourly
Simple
Moving
Average.
There
is
also
a
major
bullish
trend
line
forming
with
support
at
$3,860
on
the
hourly
chart
of
ETH/USD.

Immediate
resistance
is
near
the
$3,940
level.
The
first
major
resistance
is
near
the
$3,970
level.
An
upside
break
above
the
$3,970
resistance
might
send
the
price
higher.
The
next
key
resistance
sits
at
$4,000,
above
which
the
price
might
gain
traction
and
rise
toward
the
$4,080
level.

If
there
is
a
clear
move
above
the
$4,080
level,
the
price
might
rise
and
test
the
$4,220
resistance.
Any
more
gains
could
send
Ether
toward
the
$4,350
resistance
zone.

Another
Decline
In
ETH?

If
Ethereum
fails
to
clear
the
$3,940
resistance,
it
could
continue
to
move
down.
Initial
support
on
the
downside
is
near
the
$3,860
level
and
the
trend
line.

The
next
major
support
is
near
the
$3,800
zone
or
the
50%
Fib
retracement
level
of
the
upward
move
from
the
$3,630
swing
low
to
the
$3,973
high.
A
clear
move
below
the
$3,800
support
might
push
the
price
toward
$3,720.
Any
more
losses
might
send
the
price
toward
the
$3,630
level
in
the
near
term.

Technical
Indicators

Hourly
MACD

–
The
MACD
for
ETH/USD
is
losing
momentum
in
the
bullish
zone.

Hourly
RSI

–
The
RSI
for
ETH/USD
is
still
above
the
50
zone.

Major
Support
Level
–
$3,800

Major
Resistance
Level
–
$3,940