HomeBitcoinPotent Backing Suggests Promising Upside Potential

Potent Backing Suggests Promising Upside Potential

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Ethereum price extended its decline and tested the $3,700 support. ETH is now consolidating and eyeing a fresh increase above $3,840.

  • Ethereum extended its decline and tested the $3,700 zone.
  • The price is trading near $3,800 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase unless there is a close below the $3,700 support.

Ethereum Price Holds Support

Ethereum price struggled to start a fresh increase and declined below the $3,750 support zone, like Bitcoin. ETH even traded below the $3,720 support zone. However, the bulls were active near the $3,700 support zone.

A low was formed at $3,702 and the price recently started a recovery wave. There was a move above the $3,750 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,957 swing high to the $3,702 low.

Ethereum price is now trading near $3,800 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD.

If there is a fresh increase, ETH might face resistance near the $3,830 level. The first major resistance is near the $3,880 level or the 76.4% Fib retracement level of the downward move from the $3,957 swing high to the $3,702 low.

An upside break above the $3,880 resistance might send the price higher. The next key resistance sits at $3,950, above which the price might gain traction and rise toward the $4,000 level.

Source: ETHUSD on TradingView.com

If the bulls push Ether above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,220 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $3,830 resistance, it could start another decline. Initial support on the downside is near the $3,750 level and the trend line.

The next major support is near the $3,720 zone. A clear move below the $3,720 support might push the price toward $3,660. Any more losses might send the price toward the $3,550 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

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

Major Support Level – $3,720

Major Resistance Level – $3,880

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