Ethereum Soars Past $3,800 Resisting Downward Pull, Eyes $4,000 Threshold

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Bolstering investor confidence with its continued ascent, the price of Ethereum has been showing steady growth, inching its way past the $3,800 resistance zone. The traditionally-volatile cryptocurrency could, analysts suspect, move towards a bullish trajectory if it successfully pushes through the resistance levels of $3,880 and $3,920.

Achieving stability and fostering a sense of reliability in the crypto market, Ethereum has managed to hold its gains above the significant threshold of $3,800. As it weaves its way across the financial landscape, the cryptocurrency currently trades above $3,840, pulling past the 100-hourly Simple Moving Average.

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Simultaneously, a discernable positive trend line is surfacing, carving its support near the $3,840 level on the hourly chart of the Ethereum to USD exchange rate. The question now lingering in investors’ minds is whether this pair could ignite a fresh upward leap or whether it will be dragged down by a close below the $3,800 support level.

Responding to the pressure, Ethereum has successfully maintained its footing above the crucial $3,760 support zone, thus mirroring the positive momentum observed in Bitcoin value. Subsequently, it managed to mark a higher spot, surpassing the $3,800 level, and tested the $3,880 resistance zone. A brief consolidation of gains, reflected in a high at $3,884, was followed by a test of the 23.6% Fibonacci retracement level from the $3,729 low to the $3,884 high.

Presently, Ethereum is showing promise as it trades above $3,800 along with the 100-hourly Simple Moving Average. If an additional increase materializes, Ethereum might grapple with resistance near the $3,880 mark. The first significant resistance is projected near the $3,920 level. Puncturing this barrier could possibly trigger a further price surge, paving the way for Ethereum to inch towards the imposing resistance level of $4,000. Breaking this barrier could ignite an acceleration towards the $4,080 level.

Should financial gales push Ethereum past the $4,080 threshold, further windfalls could beckon, pulling the cryptocurrency towards the $4,200 resistance. Any gains beyond this level could direct Ethereum’s trajectory towards the $4,320 resistance zone.

However, if Ethereum grapples with the $3,880 resistance and fails to clear it, the cryptocurrency might find itself in a downward spiral. The first line of defense on the downside is near $3,840 and the trend line. If Ethereum loses ground and dips below the $3,800 mark, it might tumble further towards the $3,720 level, and subsequent losses could steer it towards the $3,650 level in the near future.

Weighing in on the momentum, key technical indicators highlight the MACD for Ethereum to USD in a bullish zone, and the Relative Strength Index positions itself above the 50-zone. The major support level stands firm at $3,800, and major resistance is currently at $3,880. As Ethereum is continuously shaping the exhilarating world of cryptocurrency, all eyes are trained on its performance in the coming days.