Ethereum prices have begun a new increase beyond the $3,720 zone. ETH is currently showing signs of bullishness and could continue to rise towards the $3,850 zone.
- Ethereum has begun a new increase above the $3,720 level.
- The price is trading above $3,670, and is a simple moving average of 100 hours.
- A key bullish trend line has been formed with $3,670 support on ETH/USD hourly charts (data feed via Kraken).
- The pair could begin a new increase if they remain supported beyond the $3,650 zone in the short term.
Ethereum Price aims for new growth of over $3,800
Ethereum prices have begun a new increase beyond the $3,660 zone, surpassing Bitcoin. ETH prices remained in a positive zone, gaining a pace for travel beyond the $3,720 resistance zone.
The Bulls even pumped up prices above $3,800. Finally, we tested the $3,860 zone. The high was formed at $3,859, and the price recently revised some profits. There was a move below the 50% FIB retracement level of the upward movement from a swing of $3,481 to $3,859.
Prices tested a 61.8% FIB retracement level of upward movement from a swing of $3,481 to $3,859. Ethereum prices are currently trading above $3,650, a simple moving average of 100 hours. It also forms a key bullish trendline with $3,670 support on the ETH/USD hourly wage chart.
The advantage is that the price could face resistance close to the $3,770 level. The next important resistance is close to the $3,800 level. The first major resistance is close to the $3,850 level. A clear move above the $3,850 resistance could turn the price towards the $3,920 resistance.
An upward break above the $3,920 resistance could require more profits in future sessions. If specified, ether could rise towards a $4,000 resistance zone, or even $4,200.
Is the drawback supported by ETH?
If Ethereum fails to clear the $3,770 resistance, it could begin to correct the downside. The initial support for the downside is close to the $3,670 level. The first major support is near the $3,650 zone.
A clear move below the $3,620 support could push the price up to $3,550 support. Any further losses could send prices towards a support level of $3,450 in the short term. The following key support is $3,320.
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $3,670
Major Resistance Levels – $3,800
