Ethereum was able to clear the $3,800 resistance zone against the
US Dollar. However, ETH price failed to gain strength above $3,900
and it is now consolidating gains. Ethereum started a fresh
increase above the $3,750 and $3,800 resistance levels. The price
is now trading above $3,800 and the 100 hourly simple moving
average. There was a break above a key bearish trend line with
resistance near $3,840 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could extend its rally if it stays above the
$3,800 support zone. Ethereum Price Gains Traction Ethereum settled
above the $3,650 level to move into a positive zone. ETH started a
fresh rally above the $3,750 resistance zone and the 100 hourly
simple moving average, similar to bitcoin. The upward move was such
that the price cleared the $3,800 resistance. Ether traded as high
as $3,968 before there was a downside correction. The price
corrected lower below the $3,800 level. However, the bulls were
active near the $3,650 zone. A low was formed near $3,640 and the
price started a fresh increase. The price cleared the $3,800
resistance zone. There was a break above the 50% Fib retracement
level of the recent decline from the $3,968 swing high to $3,640
low. Besides, there was a break above a key bearish trend line with
resistance near $3,840 on the hourly chart of ETH/USD. The pair is
now trading above $3,800 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $3,890 level. It
is near the 76.4% Fib retracement level of the recent decline from
the $3,968 swing high to $3,640 low. The next major resistance is
near the $3,910 level, above which the price might start a fresh
surge. Source: ETHUSD on TradingView.com In the stated case, the
price could climb towards the $3,980 level. Any more gains could
set the pace for a move towards the $4,120 level in the near term.
Dips Supported in ETH? If ethereum fails to continue higher above
the $3,890 and $3,910 resistance levels, it could start a fresh
downside correction. An initial support on the downside is near the
$3,820 level. The first key support is now forming near the $3,800
level and the 100 hourly SMA. If there is a downside break below
the $3,800 support, the price could decline further. The next key
support is near $3,720. Technical Indicators Hourly MACD – The MACD
for ETH/USD is gaining pace in the bullish zone. Hourly RSI – The
RSI for ETH/USD is now above the 50 level. Major Support Level –
$3,800 Major Resistance Level – $3,910

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