As of the latest data feed via Kraken, Ethereum price is on the rise and is pumping above the $3,550 resistance level. ETH seems to be closely following Bitcoin’s movement and there are indications that it might soon rally toward the $4,000 resistance zone. The price is currently trading above $3,650 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3,600 on the hourly chart of ETH/USD. The pair appears to be setting up for a move towards the $3,850 and $4,000 levels. This surge in Ethereum price comes as Bitcoin experienced a significant surge, spiking above the $68,000 level.
Ethereum price extended its rally above $3,500 and reached a new multi-month high at $3,715. The price is currently consolidating gains and trading above the 23.6% Fib retracement level of the upward move from the $3,465 swing low to the $3,715 high. The immediate resistance on the upside is near the $3,720 level, with major resistance levels at $3,780 and $3,850.
If Ethereum manages to break above the $3,920 resistance level, it could rally towards the $4,000 mark and potentially test $4,200. However, a failure to clear the $3,720 resistance could lead to a downside correction. Initial support on the downside is near $3,650, followed by major support at the $3,600 zone and the trend line. A clear move below the $3,550 support level might signal a further decline towards $3,420.
The Hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential further upside. The Hourly RSI is now above the 50 level, supporting the bullish sentiment. Major support is at $3,600, while major resistance is at $3,720.
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