Ethereum was supported above the US $ 3,650 zone against the US dollar. ETH will need to remove resistance levels of $ 3,850 and $ 3,900 to maintain highs in the near term.
- Ethereum started a fresh rise above the $ 3,700 and $ 3,750 resistance levels.
- Prices are now over $ 3,800, averaging 100 hours of simple movement.
- The hourly chart of ETH / USD (data feed via crocodile) forms a large compression triangle with resistance at close to $ 3,840.
- The couple could start a fresh rally if the $ 3,920 resistance zone is removed.
Ethereum price saves
Ethereum began correcting a decline after failing to stay above the $ 3,900 zone. The ETH is below the $ 3,800 support zone and below the 100-hour simple moving average.
Prices are even higher than the $ 3,750 support zone. It had a low of close to $ 3,678 and is now rising. It broke the $ 3,780 resistance zone. There was a further break from the 50% fiber retrieval level, which recently fell to $ 3,678 from a high of $ 3,893.
Ether is now over $ 3,800 and averages 100 hours of simple movement. The 61.8% fiber retrieval level, which recently dropped from a high of $ 3,893 to a low of $ 3,678, is now under price scrutiny. The ETH / USD hourly index forms a large compression triangle with resistance at close to $ 3,840.
Source: ETHUSD on TradingView.com
Top resistance is close to the $ 3,840 level. The next major resistance is nearing the $ 3,920 level and above that a price fresh rally could start. In the stated case, the price could try a clearer break than the $ 4,000 resistance zone. The next major support is close to the $ 4,120 level.
Limited Dips in ETH?
If Ethereum fails to stay above the $ 3,840 and $ 3,920 resistance levels, it could start correcting a fresh fall. Initial support for the fall is at the $ 3,780 level and close to the 100-hour SMA.
The first major support is now at the $ 3,720 level and near the bottom trend line of the triangle. If there is a drop above the $ 3,720 support, the price could fall further. The next major support is close to $ 3,650.
Hourly MACD – MACD for ETH / USD is accelerating in the bullish region.
Hours RSI – The RSI for ETH / USD is now above the 50 level.
Key Support Level – $ 3,720
Key resistance level – $ 3,920