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Ethereum Eyes Key Upside Break, Why Bulls Could Aim Larger Rally

Ethereum was able to clear the $3,800 resistance zone against the US Dollar. However, ETH price failed to gain strength above $3,900 and it is now consolidating gains.

Ethereum started a fresh increase above the $3,750 and $3,800 resistance levels.
The price is now trading above $3,800 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally if it stays above the $3,800 support zone.

Ethereum Price Gains Traction
Ethereum settled above the $3,650 level to move into a positive zone. ETH started a fresh rally above the $3,750 resistance zone and the 100 hourly simple moving average, similar to bitcoin.
The upward move was such that the price cleared the $3,800 resistance. Ether traded as high as $3,968 before there was a downside correction. The price corrected lower below the $3,800 level. However, the bulls were active near the $3,650 zone.
A low was formed near $3,640 and the price started a fresh increase. The price cleared the $3,800 resistance zone. There was a break above the 50% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low.
Besides, there was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD. The pair is now trading above $3,800 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $3,890 level. It is near the 76.4% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low. The next major resistance is near the $3,910 level, above which the price might start a fresh surge.

Source: ETHUSD on TradingView.com
In the stated case, the price could climb towards the $3,980 level. Any more gains could set the pace for a move towards the $4,120 level in the near term.
Dips Supported in ETH?
If ethereum fails to continue higher above the $3,890 and $3,910 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,820 level.
The first key support is now forming near the $3,800 level and the 100 hourly SMA. If there is a downside break below the $3,800 support, the price could decline further. The next key support is near $3,720.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,800
Major Resistance Level – $3,910

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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