Ethereum Price Stays Elevated—Bulls Eye Further Upside

Ethereum price started a fresh increase above the $3,720 zone.

ETH is now showing bullish signs and might continue to rise toward the $3,850 zone.

Ethereum started a fresh increase above the $3,720 level.

The price is trading above $3,670 and the 100-hourly Simple Moving Average.

There is a key bullish trend line forming with support at $3,670 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh increase if it remains supported above the $3,650 zone in the near term.

Ethereum Price Aims Fresh Increase Above $3,800 Ethereum price started a fresh increase above the $3,660 zone, outperforming Bitcoin .

ETH price gained pace for a move above the $3,720 resistance zone to remain in a positive zone.

The bulls even pumped the price above $3,800. Finally, it tested the $3,860 zone.

A high was formed at $3,859 and the price recently corrected some gains .

There was a move below the 50% Fib retracement level of the upward move from the $3,481 swing low to the $3,859 high.

The price tested the 61.8% Fib retracement level of the upward move from the $3,481 swing low to the $3,859 high.

Ethereum price is now trading above $3,650 and the 100-hourly Simple Moving Average.

There is also a key bullish trend line forming with support at $3,670 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $3,770 level.

The next key resistance is near the $3,800 level.

The first major resistance is near the $3,850 level.

A clear move above the $3,850 resistance might send the price toward the $3,920 resistance.

An upside break above the $3,920 resistance might call for more gains in the coming sessions.

In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,200 in the near term.

Are Downsides Supported In ETH? If Ethereum fails to clear the $3,770 resistance, it could start a downside correction.

Initial support on the downside is near the $3,670 level.

The first major support sits near the $3,650 zone.

A clear move below the $3,620 support might push the price toward the $3,550 support.

Any more losses might send the price toward the $3,450 support level in the near term.

The next key support sits at $3,320. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,670 Major Resistance Level – $3,800.

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