In the riveting world of cryptocurrency, Ethereum continues its remarkable ascent. This digital currency has rallied past the formidable $3,900 resistance barrier and presently consolidates near $3,880, showing signs of further advances in the near future.
With the commencement of yet another hike, Ethereum scaled beyond the $3,850 resistance, proving its robustness in the market. Currently transacting above both the $3,850 threshold and the 100 hourly Simple Moving Average, it displays a bullish trend line, underpinned at a support level of $3,860. This noteworthy trend shines a spotlight on the potential of Ethereum (ETH/USD) to continue on its upward trajectory, possibly testing the $4,000 resistance dome shortly.
The previous $3,650 support zone is a distant memory for Ethereum, as it embarked on a fresh surge, surpassing Bitcoin in its stride, and leaping beyond the $3,750 mark. This resurgence saw Ethereum break past the $3,850 resistance and the bulls further charged the digital coin beyond the $3,940 resistance. It flirted with the tantalizing $4,000 resistance, marking a crescendo around $3,973, although it is now realigning its gains and has seen a slight dip below the $3,920 level.
However, the minor slump has brought Ethereum only just below the 23.6% Fibonacci retracement level, marking an upward shift from the $3,630 low point to the $3,973 zenith. With Ethereum still trading above the $3,850 mark and the 100-hourly Simple Moving Average, the bullish trend line is still forming, finding support at $3,860.
Looking ahead, the immediate resistance lurks near the $3,940 threshold. Surpassing that, Ethereum could encounter robust resistance at the $3,970 mark. However, a breakthrough here could catapult the price further up. Ethereum would then face the critical $4,000 resistance; a triumphant breach of this level could open the gates to a spectacular rise towards the $4,080 threshold.
Should the breathtaking surge continue beyond the $4,080 gauge, Ethereum may journey up to test the $4,220 resistance. Any additional surge might propel Ether towards the much-anticipated $4,350 resistance cap.
On the flip side, if Ethereum stumbles at the $3,940 resistance, it runs the risk of further decline. The initial safety net lies near the $3,860 mark, with robust support provided by the ongoing trend line. Should that fail, the next safety net lies in the $3,800 region, marking the 50% Fibonacci retracement level of the climb from $3,630 low to $3,973 peak. A tumble below the $3,800 safety net could knock the price towards $3,720, and a more significant decline could see Ethereum scrape the $3,630 low once again in the near term.
Despite Ethereum’s Hourly Moving Average Convergence Divergence (MACD) indicating diminishing momentum in the bullish territory, the relative strength index (RSI) for ETH/USD remains comfortably above the 50 ballpark, further strengthening its position. The significant support level seems to be around $3,800, while the major resistance level to contend with spots at $3,940.
