Ethereum price is showing positive momentum as it rallies from the $3,650 zone, aiming to surpass the $3,950 resistance level. The cryptocurrency is trading above $3,770 and has broken past short-term bearish trends.
Currently, Ethereum's price remains well-supported above $3,670, with recent gains positioning it above the 50% Fib retracement level from the $3,956 to $3,680 movement. Despite hurdles near the $3,890 mark, which aligns with the 76.4% Fib retracement, a firm break above crucial resistances at $3,980 could propel ETH towards the $4,000 target.
Should Ethereum not advance past the $3,890 resistance, potential decline scenarios include finding support at $3,820 and $3,775. Further losses might revert the price to the $3,650 range.
The hourly MACD indicates a bullish trend, and the RSI is above 50, suggesting ongoing buyer interest. Key support and resistance levels are currently positioned at $3,775 and $3,890, respectively.
