TLDR
Ethereum has shown strong upward momentum, breaking above $3,750 and reaching a high of $3,988
A bullish trend line is forming with support at $3,840, suggesting continued upward potential
The next major resistance levels are at $3,980 and $4,000, with potential targets at $4,150 and $4,320
Technical indicators including MACD and RSI show bullish momentum
Key support levels exist at $3,840, $3,750, and $3,665 if price retraces
Ethereum’s price movement has captured market attention as it steadily approaches the $4,000 mark, demonstrating strength in recent trading sessions. The second-largest cryptocurrency by market capitalization has established multiple support levels above $3,800, suggesting a solid foundation for potential further gains.
In recent hours, Ethereum successfully broke above the $3,750 resistance level, continuing its upward trajectory to reach a local high of $3,988. This move represents a clear break above several technical resistance levels that had previously constrained price action.
The price action shows particular strength above the $3,800 level, where traders have established a notable support zone. Technical analysis reveals a bullish trend line forming with support at $3,840, providing a base for potential future moves higher.
Trading data indicates that Ethereum’s price currently sits above both the $3,800 mark and the 100-hourly Simple Moving Average, technical indicators that traders often use to gauge market momentum. This positioning suggests underlying strength in the current market structure.
Market participants have noted several key resistance levels that could influence future price action. The first major hurdle appears at $3,950, followed by a more substantial resistance zone near $3,980. Breaking above these levels could open the path to test the psychologically important $4,000 mark.
Should buyers succeed in pushing the price above $4,000, technical analysis suggests potential targets at $4,150 and $4,320. These levels represent the next major resistance zones where increased selling pressure might emerge.
Ethereum Price on CoinGecko
However, traders should note the presence of several support levels that could come into play if the price experiences a retracement. The first notable support sits at $3,840, coinciding with the bullish trend line identified in recent price action.
Below this, the $3,750 zone represents another crucial support level, corresponding to the 50% Fibonacci retracement level of the recent upward move from $3,527 to $3,988. This technical indicator often serves as a reference point for traders analyzing potential reversal levels.
Technical indicators currently support the bullish case, with the MACD showing increasing momentum in the positive zone. The Relative Strength Index (RSI) remains above the 50 mark, indicating healthy buying pressure in the market.
Trading volume analysis shows steady participation from market actors, suggesting genuine interest in the current price action rather than artificial movement. This volume profile adds credibility to the recent price advances.
The hourly chart reveals a pattern of higher lows, typically considered a bullish market characteristic. This pattern has remained intact throughout the recent price action, providing additional technical support for the upward trend.
If the price fails to maintain its current trajectory, several additional support levels could come into play. These include the $3,665 zone and, in a more extensive pullback scenario, the $3,550 area. The $3,500 level represents a major support zone that traders are watching closely.
Recent price data shows consolidation near the $3,900 level, with traders apparently gathering strength for potential attempts at higher levels. The market has demonstrated an ability to hold gains, suggesting underlying buying pressure.
The current market structure includes multiple support levels, providing potential safety nets for any short-term price corrections. These technical factors contribute to the overall stability of the recent price advance.
The most recent price action shows Ethereum trading near $3,900, maintaining its position above key support levels while market participants assess the potential for further upward movement.
The post Ethereum (ETH) Price: Bulls Target $4,000 After Breaking Key Resistance appeared first on Blockonomi.