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Ethereum price started a recovery wave above $3,880. ETH is now rising and might aim for more gains if it clears the $4,050 resistance.
Ethereum price struggled to settle above $4,050 and corrected most gains, like Bitcoin. ETH price declined below the $4,000 and $3,800 levels.
It even tested the $3,680 zone. A low was formed at $3,677 and the price is now correcting losses. There was a decent move above the 50% Fib retracement level of the recent decline from the $4,292 swing high to the $3,677 low.
Besides, there was a break above a key bearish trend line with resistance at $3,940 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,920 and the 100-hourly Simple Moving Average.
On the upside, the price could face resistance near the $4,050 level and the 61.8% Fib retracement level of the recent decline from the $4,292 swing high to the $3,677 low. The next key resistance is near the $4,120 level. The first major resistance is near the $4,220 level.
A clear move above the $4,220 resistance might send the price toward the $4,320 resistance. An upside break above the $4,320 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,440 resistance zone or even $4,500 in the near term.
If Ethereum fails to clear the $4,050 resistance, it could start a fresh decline. Initial support on the downside is near the $3,940 level. The first major support sits near the $3,880 zone.
A clear move below the $3,880 support might push the price toward the $3,820 support. Any more losses might send the price toward the $3,680 region in the near term. The next key support sits at $3,620.
Technical Indicators
Hourly MACD The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level $3,880
Major Resistance Level $4,050