Ethereum's price is currently rising, maintaining a position above the $3,600 threshold. It is exhibiting bullish indicators and might soon attempt to surpass the $3,800 resistance level. The cryptocurrency initiated a credible increase from the $3,550 range and is now trading above this price and the 100-hourly Simple Moving Average.
There is a developing bullish trend line with support at $3,700, indicated on the hourly chart of ETH/USD, which uses data from Kraken. Ethereum's price could continue its upward trend if it surpasses the $3,750 zone.
The price has shown support above $3,350 and initiated a fresh increase similar to Bitcoin. It managed to breach the $3,450 and $3,550 resistance zones. Bulls managed to elevate the price to over $3,700, peaking at $3,748, followed by a consolidation of gains.
The price has experienced a minor decline below the $3,720 mark, testing a 23.6% Fib retracement level of its upward wave from a $3,572 low to a $3,748 high. Currently, it remains above $3,550, including an emerging bullish trend line with support at $3,700.
Resistance is present around the $3,740 mark, with major resistance forming at $3,750 and $3,800. An ascension above $3,800 could propel the price to $3,880, possibly extending to $4,000.
If Ethereum fails to breach the $3,750 resistance, it may lead to a decline, encountering initial support at $3,700. More substantial support exists around $3,675. Falling below $3,675 might mean a decrease towards the 61.8% Fibonacci retracement level at $3,640, potentially cascading to $3,570.
Technical indicators reveal the hourly MACD for ETH/USD is losing bullish momentum, while the hourly RSI remains above the 50 zone, indicating a persisted bullish sentiment. The major support level stands firm at $3,700, with resistance strongly held at $3,750.
