Ethereum Price Stays Elevated—Bulls Eye Further Upside

Ethereum price started a fresh increase above the $3,720 zone. ETH is now showing bullish signs and might continue to rise toward the $3,850 zone.

• Ethereum started a fresh increase above the $3,720 level.
• The price is trading above $3,670 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $3,670 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $3,650 zone in the near term.

Ethereum price started a fresh increase above the $3,660 zone, outperforming Bitcoin. ETH price gained pace for a move above the $3,720 resistance zone to remain in a positive zone.

The bulls even pumped the price above $3,800. Finally, it tested the $3,860 zone. A high was formed at $3,859 and the price recently corrected some gains. There was a move below the 50% Fib retracement level of the upward move from the $3,481 swing low to the $3,859 high.

The price tested the 61.8% Fib retracement level of the upward move from the $3,481 swing low to the $3,859 high. Ethereum price is now trading above $3,650 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,670 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $3,770 level. The next key resistance is near the $3,800 level. The first major resistance is near the $3,850 level. A clear move above the $3,850 resistance might send the price toward the $3,920 resistance.

An upside break above the $3,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,200 in the near term.

If Ethereum fails to clear the $3,770 resistance, it could start a downside correction. Initial support on the downside is near the $3,670 level. The first major support sits near the $3,650 zone.

A clear move below the $3,620 support might push the price toward the $3,550 support. Any more losses might send the price toward the $3,450 support level in the near term. The next key support sits at $3,320.

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 – $3,670

Major Resistance Level – $3,800