Ethereum price found support near the $3,650 zone and started a fresh surge. ETH is rising and might soon aim for a move above the $3,920 zone.
The bulls even pushed the price above the $3,850 resistance zone. Finally, the price tested the $3,920 resistance zone. A high was formed at $3,927 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,544 swing low to the $3,927 high.
On the upside, the price could face resistance near the $3,920 level. The next key resistance is near the $3,950 level. The first major resistance is near the $4,000 level. A clear move above the $4,000 resistance might send the price toward the $4,220 resistance.
An upside break above the $4,220 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,350 resistance zone or even $4,500 in the near term.
If Ethereum fails to clear the $3,920 resistance, it could start a fresh decline. Initial support on the downside is near the $3,820 level. The first major support sits near the $3,800 zone.
A clear move below the $3,800 support might push the price toward the $3,735 support. Any more losses might send the price toward the $3,680 support level in the near term. The next key support sits at $3,650.
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 – $3,735
Major Resistance Level – $3,920
