Ethereum’s price continues to have a tough time breaking through the $4,000 resistance zone. It seems that ETH may need to consolidate around the $3,600 mark for some time before the bulls can gather enough strength to push the price higher.
At the moment, Ethereum has reached a new multi-month high above $3,980. The current price is hovering around $3,850, just below the 100-hourly Simple Moving Average. There is also a noticeable short-term breakout pattern forming with resistance at $3,950 on the hourly chart for ETH/USD.
This means that if the price manages to surpass the $3,950 resistance level, we could see Ethereum resume its upward trajectory. However, if ETH fails to clear this hurdle, it may trigger another downside correction.
In case Ethereum bulls gain enough momentum to push the price higher, the first major resistance level is around $3,940. Beyond that, the next significant barrier lies near $4,000. If ETH manages to break through these resistance levels, we may witness a surge in bullish momentum that could propel the price towards $4,120 and $4,220 respectively.
On the other hand, if Ethereum struggles to overcome the $3,950 resistance zone, it could lead to a downward correction. The initial support level to watch is around $3,800. Further down, key support zones are located at $3,600 and $3,400. A breach below these levels might push the price towards $3,250 and $3,120.
Current Technical Indicators for Ethereum Price
Looking at the hourly MACD for ETH/USD, it appears that the momentum in the bullish zone is losing steam. Additionally, the hourly RSI has dipped below the 50 level, indicating a potential shift towards a bearish sentiment.
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