Ethereum Grapples with Formidable $3,840 Barrier in Turbulent Cryptocurrency Waters

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The price of Ethereum, a cryptocurrency whose malevolent joust with resistance levels seems relentless, is finding it daunting to secure a threshold above the menacing and unyielding $3,840 resistance zone. Its dynamic bullish potential and momentum hinge on successfully traversing the turbulent waters of the $3,840 and $3,880 resistance straits.

Perched comfortably upon the buttress of $3,720, Ethereum clings tight to its earnings. It gamely forges ahead, sailing beyond the marker of $3,750 and prevailing over the 100-hourly Simple Moving Average. A buoyant trendline, indicative of bullish sentiment, is steadily taking shape, finding support near the $3,760 mark on the hourly price chart of ETH/USD.

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The Ethereum token could experience a rejuvenating surge unless it slips and culminates in a harrowing close beneath the prop of $3,720.

The Ethereum price gently swirled downwards again, skirting past the $3,760 support zone only to rebound and pit itself against enduring $3,720 support. The contests remained robust, yielding a result as staunch as its previous encounters. A nadir was plotted at $3,728, prompting another buoyant climb reminiscent of Bitcoin.

The token arose, triumphant over the $3,800 mark, only to be met by stiff resistance as meddling bears muscled in yet again near the redoubtable $3,840 barrier. A peak blossomed at $3,836, and the currency now hovers in a period of even-keeled consolidation, briefly tempered under the 23.6% Fib retracement level, marking an upward lunge from the $3,728 trough to the pinnacle of $3,836.

Ethereum perseveres, with its price nestled securely above $3,760 and the 100-hourly Simple Moving Average. A burgeoning bullish trendline continues to solidify its foundation around the $3,760 mark on the ETH/USD hourly chart.

Anticipating another rally, observers note that Ethereum might butt heads with stubborn resistance enveloping the $3,820 threshold. The first substantial fortress of resistance looms at the $3,840 level. An audacious breach could possibly catapult the price skyward, with the next significant line of resistance planted at $3,920. Beyond this, the figure could springboard towards the coveted $4,000 level.

Should the bullish tide carry Ethereum above the vaunted $4,000 mark, the price has potential to ascend and reckon with a $4,080 resistance barrier. Any further gains might propel Ethereum into the near-untrodden $4,220 zone.

Yet, if Ethereum crumbles under the formidable $3,840 resistance, another deflating decline could be on the cards. Immediate succor rests near the $3,780 mark and alongside the 50% Fib retracement level from the $3,728 low to the $3,836 apex. The next considerable source of backing is near the $3,760 zone. A decisive nosedive below the $3,760 support might thrust the price spiraling toward $3,720 or even lower, as skeptics predict a further tumble to the $3,650 mark in the foreseeable future.

Crucially, the MACD for ETH/USD is showing subtle signs of depleted momentum in the bullish quadrant. Moreover, the RSI for ETH/USD stands firm above 50, indicating buyers are currently holding the fort. As this complex dance continues, a major support level has been marked at $3,760, and a significant resistance is being skirmished at $3,840.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.