Ethereum Gathers Strength — Upside Breakout Could Confirm Recovery Phase
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Ethereum price started a recovery wave from $3,700. ETH is moving higher but faces a couple of key hurdles near $3,900 and $3,955.
- Ethereum started a fresh recovery above $3,780 and $3,820.
- The price is trading above $3,850 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $3,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it trades above $3,920.
Ethereum Price Eyes Upside Break
Ethereum price started a minor recovery wave from the $3,710 zone, like Bitcoin . ETH price surpassed the $3,800 and $3,820 levels to enter a short-term positive zone.
The price even spiked above $3,880, but the bears were active near the 50% Fib retracement level of the downward move from the $4,110 swing high to the $3,708 low. Besides, there is a bearish trend line forming with resistance at $3,900 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,850 and the 100-hourly Simple Moving Average . On the upside, the price could face resistance near the $3,880 level and the trend line.
Source: ETHUSD on TradingView.comThe next key resistance is near the $3,955 level or the 61.8% Fib retracement level of the downward move from the $4,110 swing high to the $3,708 low. The first major resistance is near the $4,020 level. A clear move above the $4,020 resistance might send the price toward the $4,120 resistance. An upside break above the $4,120 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,150 resistance zone or even $4,165 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,900 resistance, it could start a fresh decline. Initial support on the downside is near the $3,820 level. The first major support sits near the $3,800 zone.
A clear move below the $3,800 support might push the price toward the $3,720 support. Any more losses might send the price toward the $3,650 region in the near term. The next key support sits at $3,620.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,800
Major Resistance Level – $3,900
