Ethereum

Ethereum Price Stuck in a Rut but Poised for an Exciting Upside Break

1 Mins read

Ethereum price is struggling to clear the $3,840 resistance zone. ETH could gain bullish momentum if it clears the $3,840 and $3,880 resistance levels.

  • Ethereum is holding gains above the $3,720 level.
  • The price is trading above $3,750 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase unless there is a close below the $3,720 support.

Ethereum Price Holds Support

Ethereum price declined again below the $3,760 support zone. ETH retested the $3,720 support and remained well-bid. A low was formed at $3,728 and the price started another increase, like Bitcoin.

There was a move above the $3,800 level, but the bears were again active near $3,840. A high was formed at $3,836 and the price is now consolidating gains in a range. It is trading just below the 23.6% Fib retracement level of the upward move from the $3,728 swing low to the $3,836 high.

Ethereum is now trading above $3,760 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD.

If there is another increase, ETH might face resistance near the $3,820 level. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher. The next key resistance sits at $3,920, above which the price might gain traction and rise toward the $4,000 level.

Ethereum Price
Source: ETHUSD on TradingView.com

If the bulls push Ether above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,220 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $3,840 resistance, it could start another decline. Initial support on the downside is near $3,780 and the 50% Fib retracement level of the upward move from the $3,728 swing low to the $3,836 high.

The next major support is near the $3,760 zone. A clear move below the $3,760 support might push the price toward $3,720. Any more losses might send the price toward the $3,650 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,760

Major Resistance Level – $3,840


Source link

Related posts
Ethereum

Spot Ethereum ETF issuers amend S-1 filings, some with fees, seed investments

1 Mins read
Seven spot Ethereum ETF applicants amended their registration statements with the SEC on June 21, leading to increased expectations of a trading…
Ethereum

Consensys to continue lawsuit against SEC as 'battle far from over'

2 Mins read
Consensys head of litigation Laura Brookover said the company would continue to sue the SEC as the “battle” for regulatory clarity is…
Ethereum

Bullish sign for Ethereum as exchange balances drop

1 Mins read
What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *