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Ethereum price started a recovery wave from $3,700. ETH is moving higher but faces a couple of key hurdles near $3,850 and $3,920.
Ethereum price started a minor recovery wave from the $3,700 zone, like Bitcoin. ETH price surpassed the $3,750 and $3,800 levels to enter a short-term positive zone.
The price even cleared the 23.6% Fib retracement level of the downward move from the $4,110 swing high to the $3,708 low. However, the bears remained active near the $3,840 resistance zone and prevented an upside continuation.
Ethereum price is now trading below $3,850 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,845 level. Besides, there is a short-term bearish trend line forming with resistance at $3,850 on the hourly chart of ETH/USD.
The next key resistance is near the $3,920 level or the 50% Fib retracement level of the downward move from the $4,110 swing high to the $3,708 low. The first major resistance is near the $3,950 level.
A clear move above the $3,950 resistance might send the price toward the $4,020 resistance. An upside break above the $4,020 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,120 resistance zone or even $4,150 in the near term.
If Ethereum fails to clear the $3,850 resistance, it could start a fresh decline. Initial support on the downside is near the $3,800 level. The first major support sits near the $3,740 zone.
A clear move below the $3,740 support might push the price toward the $3,700 support. Any more losses might send the price toward the $3,650 region in the near term. The next key support sits at $3,620.
Technical Indicators
Hourly MACD The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level $3,740
Major Resistance Level $3,850