Ethereum Price Faces Big Move – Can Bulls Send ETH To $4K?

Ethereum terms is gaining gait supra the $3,600 absorption zone. ETH could widen its upward determination if it clears the $3,725 absorption zone.

• Ethereum is aiming for much gains supra the $3,725 and $3,740 levels.
• The terms is trading supra $3,650 and the 100-hourly Simple Moving Average.
• There is simply a connecting bullish inclination enactment forming with enactment astatine $3,480 connected the hourly illustration of ETH/USD (data provender via Kraken).
• The brace could widen its rally if determination is simply a adjacent supra the $3,725 absorption zone.

Ethereum Price Jumps Over 8%

Ethereum terms formed a basal and started a decent summation supra the $3,500 resistance, similar Bitcoin. ETH surpassed the $3,600 and $3,650 levels to determination into a affirmative zone.

A caller play precocious was formed astatine $3,726 and the terms is present consolidating gains. The terms is good supra the 23.6% Fib retracement level of the upward determination from the $3,224 plaything debased to the $3,726 low. It is up implicit 8% and determination are chances of much upsides.

Ethereum is trading supra $3,650 and the 100-hourly Simple Moving Average. There is besides a connecting bullish inclination enactment forming with enactment astatine $3,480 connected the hourly illustration of ETH/USD. It is adjacent to the 50% Fib retracement level of the upward determination from the $3,224 plaything debased to the $3,726 low.

Immediate absorption is adjacent the $3,725 level. The archetypal large absorption is adjacent the $3,750 level. The adjacent cardinal absorption sits astatine $3,800, supra which the terms mightiness trial the $3,880 level, supra which Ether could summation bullish momentum.

Source: ETHUSD connected TradingView.com

In the stated case, the terms could emergence toward the $3,880 zone. If determination is simply a determination supra the $3,920 resistance, Ethereum could adjacent emergence toward the $4,000 resistance.

Are Dips Limited In ETH?

If Ethereum fails to wide the $3,725 resistance, it could commencement a downside correction. Initial enactment connected the downside is adjacent the $3,620 level.

The archetypal large enactment is adjacent the $3,500 portion oregon the inclination line. The adjacent cardinal enactment could beryllium the $3,420 zone. A wide determination beneath the $3,420 enactment mightiness nonstop the terms toward $3,350. Any much losses mightiness nonstop the terms toward the $3,220 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum successful the bullish zone.

Hourly RSI – The RSI for ETH/USD is present supra the 50 level.

Major Support Level – $3,500

Major Resistance Level – $3,725