TLDR
Ethereum price showing strong upward momentum, trading above $3,550
Key resistance levels identified at $3,750 and $3,800
Bullish trend line forming with support at $3,700
Technical indicators suggest continued positive momentum
Price could target $4,000 if it breaks above $3,880
Ethereum’s price movement has shown renewed strength in recent trading sessions, pushing above the $3,700 mark as buyers maintain control of the market. The second-largest cryptocurrency by market capitalization has established a clear upward trajectory, breaking through several key resistance levels.
The price action began with a steady climb from the $3,550 support zone, demonstrating strong buying pressure that propelled ETH above multiple technical barriers. This movement mirrors the broader market momentum, with Bitcoin also showing similar upward trends.
Trading data from Kraken shows that Ethereum successfully breached the $3,450 and $3,550 resistance levels before continuing its ascent. The breakthrough came with notable trading volume, suggesting genuine buyer interest rather than temporary market dynamics.
The upward movement gained particular traction as ETH crossed above the 100-hour Simple Moving Average, a technical indicator that traders often use to gauge market direction. This crossing has historically served as a reliable signal for continued price strength.
Market participants observed the formation of a bullish trend line, with support establishing itself around the $3,700 level. This technical pattern appears on the hourly chart, providing traders with a clear reference point for potential future price action.
The latest price surge reached a local high of $3,748, after which the market entered a consolidation phase. This consolidation period allows the market to digest recent gains and potentially establish a new base for future price movement.
During the minor retracement that followed the local high, the price found support at the 23.6% Fibonacci retracement level. This level corresponds to the upward wave that began at the $3,572 swing low and extended to the $3,748 high.
Ethereum Price on CoinGecko
Looking at immediate resistance levels, traders identify $3,740 as the first hurdle that needs to be cleared. Beyond this point, the $3,750 zone represents a more substantial resistance area that could require increased buying pressure to overcome.
The $3,800 level looms as a major resistance point that could determine the next phase of price action. A decisive break above this level could open the path toward $3,880, with the psychological $4,000 level becoming a realistic target if momentum continues.
On the support side, the market structure shows multiple levels that could protect against potential downside movement. The immediate support sits at $3,700, followed by a stronger support zone near $3,675.
Technical indicators provide additional insight into market conditions. The MACD indicator, while still in the bullish zone, shows signs of decreasing momentum. This suggests that buyers may need to demonstrate renewed strength to maintain the upward trajectory.
The Relative Strength Index (RSI) remains above the 50 mark on the hourly timeframe, indicating that buyers maintain control of the market despite recent consolidation. This technical reading aligns with the overall bullish market structure.
Should the price experience a pullback, the 61.8% Fibonacci retracement level at $3,640 could serve as a key support area. This level often acts as a final line of defense before deeper corrections occur.
The $3,570 level represents another important support zone, followed by the psychologically important $3,550 mark. These levels could become relevant if the market experiences a broader retracement.
Current trading patterns suggest that institutional and retail investors continue to maintain interest in Ethereum, as evidenced by sustained trading volumes across major exchanges. The price action remains supported by technical factors and market dynamics.
The post Ethereum (ETH) Price Action Shows Strength as Bulls Target $3,800 Mark appeared first on Blockonomi.