Ethereum price started a wave of recovery from $3,700. ETH is on an upward trend but faces some key hurdles near $3,850 and $3,920.
- Ethereum has started a new rally above $3,750 and $3,800.
- The price is trading below the 100-hour simple moving average at $3,850.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term bearish trendline forming with resistance at $3,850.
- If it trades above $3,920, the pair is likely to continue higher.
Ethereum price falls again
Ethereum price started a small recovery wave from the $3,700 zone, similar to Bitcoin. ETH price crossed the $3,750 and $3,800 levels and entered a short-term positive zone.
Price even cleared the 23.6% Fib retracement level of the decline from the swing high of $4,110 to the low of $3,708. However, the bears remained active near the $3,840 resistance zone, preventing any upside.
Ethereum price is currently trading below $3,850 and its 100 hourly simple moving average. On the upside, the price may face resistance near the $3,845 level. Additionally, a short-term bearish trend line has formed at the $3,850 resistance on the hourly chart of ETH/USD.
The next major resistance level is near the $3,920 level, or the 50% fibritracement level of the decline from the swing high of $4,110 to the low of $3,708. The first major resistance level is near the $3,950 level.
A clear break above the $3,950 resistance could push the price towards the $4,020 resistance. A break above the $4,020 area could require further gains in the coming sessions. In the above case, Ether could rise towards the $4,120 resistance zone and even $4,150 in the short term.
Further losses for ETH?
If Ethereum fails to break through the resistance at $3,850, a fresh decline could begin. Initial support on the downside is near the $3,800 level. The first major support is located near the $3,740 zone.
A clear move below the $3,740 support could push the price towards the $3,700 support. Any further losses could send the price towards the $3,650 area in the short term. The next significant support is $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 currently below the 50 zone.
Major Support Level – $3,740
High resistance level – $3,850
