Ethereum price started a wave of recovery from $3,700. ETH is on an upward trend but faces some key hurdles near $3,905 and $3,955.
- Ethereum has started a new recovery above $3,780 and $3,820.
- The price is trading above $3,850 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trend line forming with resistance at $3,900.
- If it trades above $3,920, the pair is likely to continue higher.
Eyes on Ethereum price rise
Ethereum price started a small recovery wave from the $3,710 zone, similar to Bitcoin. ETH price crossed the $3,800 and $3,820 levels and entered a short-term positive zone.
While the price surged above $3,880, bears were active around the 50% Fib retracement level of the decline from the swing high of $4,110 to the low of $3,708. Additionally, a bearish trend line has formed on the hourly chart of ETH/USD with resistance at $3,900.
Ethereum price is currently trading above $3,850 and its 100-hour simple moving average. On the upside, the price may face resistance near the $3,880 level and trend line.
The next major resistance level is near the $3,955 level, or the 61.8% fibritracement level of the decline from the swing high of $4,110 to the low of $3,708. The first major resistance level is near the $4,020 level. A clear break above the $4,020 resistance could send the price heading towards the $4,120 resistance. A break above the $4,120 area could require further gains in the coming sessions. In the above case, Ether could rise towards the $4,150 resistance zone and even $4,165 in the short term.
Will ETH fall again?
If Ethereum fails to break through the resistance at $3,900, a fresh decline could begin. Initial support on the downside is near the $3,820 level. The first major support is located near the $3,800 zone.
A clear move below the $3,800 support could push the price towards the $3,720 support. Any further losses could send the price towards the $3,650 area in the short term. The next significant support is $3,620.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $3,800
High resistance level – $3,900
