- Ethereum is showing a gradual increase above the $3,800 resistance level.
- This positive trajectory can gain further bullish momentum if ETH surpasses the $3,880 and $3,920 resistance points.
- An important supporting trend line is spotted around $3,840 on the hourly chart for ETH/USD, indicating a stable growth pattern.
Ethereum continues its recovery, showing potential for further gains if critical resistance levels are broken.
Ethereum Price Targets Higher Ground
Ethereum has maintained its position above the crucial $3,760 support level, establishing a solid base for another upward move parallel to Bitcoin’s trend. Recent movements saw ETH breaking through the $3,820 and $3,840 thresholds, testing resistance at $3,880. The current high of $3,884 suggests a consolidation phase, with the price stabilizing before the next move.
Technical Indicators Point to Stability
Ethereum is trading above the critical $3,800 mark and is supported by the 100-hourly Simple Moving Average. Additionally, there is a key bullish trend line forming around $3,840 on the ETH/USD hourly chart, reinforcing market confidence. A movement above the $3,880 resistance will likely encounter the next major resistance at $3,920. If this level is breached, ETH may head towards the $4,000 mark, with further potential to reach $4,080.
Potential for More Gains
Should Ethereum break past the $4,080 price point, the subsequent target would be the $4,200 resistance area. Continued bullish behavior could drive ETH prices towards the $4,320 resistance zone, marking a significant uptick in value and market confidence.
Downside Risks and Support Levels
If Ethereum struggles to clear the $3,880 resistance, it may face a downward correction. Initial support on the downside is identified near $3,840, followed by major support around $3,800 and the 50% Fibonacci retracement level of the recent upswing from $3,729 to $3,884. A decisive fall below $3,800 could lead ETH to test the $3,720 level, with further declines potentially bringing the price down to $3,650.
Conclusion
The current technical indicators for Ethereum are bullish, with the hourly MACD gaining momentum and the RSI positioned above 50. Primary support is found at $3,800, while the major resistance lies at $3,880. Ethereum’s price movements suggest potential for an upward trend if it can surpass critical resistance levels, marking a key area of focus for investors.
