Ethereum Eyes Bitcoin’s Lead: Is a Similar Surge Possible?
Ethereum price started a decent increase above the $3,900 zone. ETH is consolidating gains and might aim for a move above the $4,000 resistance zone.
- Ethereum started a decent increase above $3,880 and $3,920.
- The price is trading below $3,920 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $3,980 and $4,020 resistance levels.
Ethereum Price Faces Resistance
Ethereum price remained stable and extended gains above $3,850 but it underperformed Bitcoin . ETH was able to climb above the $3,920 and $3,980 resistance levels.
There was a break above a key bearish trend line with resistance at $3,900 on the hourly chart of ETH/USD. The bulls pushed the pair above the $4,000 and $4,010 resistance levels. A high was formed at $4,019 and the price is now consolidating gains . There was a minor decline below the $3,980 level.
The price even dipped below the 23.6% Fib retracement level of the upward move from the $3,831 swing low to the $4,019 high. Ethereum price is now trading above $3,880 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $4,000 level. The first major resistance is near the $4,020 level. The main resistance is now forming near $4,050. A clear move above the $4,050 resistance might send the price toward the $4,150 resistance.
Source: ETHUSD on TradingView.comAn upside break above the $4,150 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,250 resistance zone or even $4,320.
Another Decline In ETH?
If Ethereum fails to clear the $4,000 resistance, it could start another decline. Initial support on the downside is near the $3,920 level and the 50% Fib retracement level of the upward move from the $3,831 swing low to the $4,019 high. The first major support sits near the $3,880 zone.
A clear move below the $3,880 support might push the price toward the $3,840 support. Any more losses might send the price toward the $3,750 support level in the near term. The next key support sits at $3,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,920
Major Resistance Level – $4,000
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Why suspend RMPs? Explanation from New York Fed SOMA Manager Perli
"Agent vs US Treasury" — Who Will Dominate the US Stock Market?
The wave of AI Agents and US Treasury yields are splitting the US stock market into two worlds: Meta's release of the Muse model boosted its market value by $220 billion in a single week, propelling the Nasdaq's standout performance; however, excluding AI stocks, the S&P 500 actually fell 1% this week, with the number of new lows on the New York Stock Exchange surpassing new highs for nine consecutive days, signaling the near end of "breadth trading." Goldman Sachs bluntly stated that this is a "frustrating cat-and-mouse game" between the stock market and interest rates—any breakout can be snuffed out by the bond market at any time, so equity holders must short US Treasury bonds to hedge simultaneously.
Hopes for a ceasefire between the US and Iran encounter obstacles again! Trump rejects Iran's seven-day proposal; inflation pressure under $100 oil prices remains difficult to ease
Trump rejects a ceasefire with Iran, and it is expected that bombings will occur again after the midterm elections. The president doubts whether Tehran will meet his demands.
Tesla ramps Optimus production 10-fold but robot hands are holding Elon back
Crypto prices
More
