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Ethereum worth prolonged its enhance towards $3,950. ETH is now consolidating positive aspects and would possibly goal for a transfer above the $4,000 resistance.

• Ethereum traded to a brand new multi-month excessive above $3,940.
• The worth is buying and selling above $3,850 and the 100-hourly Simple Moving Average.
• There was a break above a short-term bullish flag sample with resistance at $3,830 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair may resume its enhance if it clears the $3,940 resistance zone.

Ethereum Price Remains In Strong Uptrend

Ethereum worth prolonged its rally above the $3,850 degree, in contrast to Bitcoin. BTC failed to increase positive aspects above the $68,000 zone and is now consolidating positive aspects. However, ETH silently moved larger above $3,850.

There was a break above a short-term bullish flag pattern with resistance at $3,830 on the hourly chart of ETH/USD. The pair broke the $3,900 resistance zone. It traded to a brand new multi-month excessive above $3,940 and not too long ago began a consolidation part.

There was a pullback under the $3,900 degree. The worth examined the 23.6% Fib retracement degree of the latest enhance from the $3,716 swing low to the $3,943 excessive.

Ethereum is now buying and selling above $3,850 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is close to the $3,920 degree. The first main resistance is close to the $3,940 degree. The subsequent main resistance is close to $4,000, above which the value would possibly achieve bullish momentum.

Source: ETHUSD on TradingView.com

The subsequent cease for the bulls might be close to the $4,080 degree. If there’s a transfer above the $4,080 resistance, Ether may even rally towards the $4,220 resistance. Any extra positive aspects would possibly name for a check of $4,350.

Are Dips Limited In ETH?

If Ethereum fails to clear the $3,940 resistance, it may begin one other draw back correction. Initial assist on the draw back is close to the $3,850 degree.

The first main assist is close to the $3,800 zone or the 76.4% Fib retracement degree of the latest enhance from the $3,716 swing low to the $3,943 excessive. The subsequent key assist might be the $3,720 zone. A transparent transfer under the $3,720 assist would possibly ship the value towards $3,550. Any extra losses would possibly ship the value towards the $3,400 degree.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is dropping momentum within the bullish zone.

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

Major Support Level – $3,720

Major Resistance Level – $3,940

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