Ethereum Gathers Strength — Upside Breakout Could Confirm Recovery Phase

Ethereum price started a recovery wave from $3,700. ETH is moving higher but faces a couple of key hurdles near $3,900 and $3,955. Ethereum started a fresh recovery above $3,780 and $3,820. The price is trading above $3,850 and the 100-hourly Simple Moving ￰0￱ is a bearish trend line forming 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 trades above $3,920. Ethereum Price Eyes Upside Break Ethereum price started a minor recovery wave from the $3,710 zone, like ￰1￱ price surpassed the $3,800 and $3,820 levels to enter a short-term positive ￰2￱ price even spiked above $3,880, but the bears were active near the 50% Fib retracement level of the downward move from the $4,110 swing high to the $3,708 low. Besides, there is a bearish trend line forming with resistance at $3,900 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,850 and the 100-hourly Simple Moving ￰3￱ the upside, the price could face resistance near the $3,880 level and the trend ￰4￱ next key resistance is near the $3,955 level or the 61.8% Fib retracement level of the downward move from the $4,110 swing high to the $3,708 ￰5￱ first major resistance is near the $4,020 level.

A clear move above the $4,020 resistance might send the price toward the $4,120 ￰6￱ upside break above the $4,120 region might call for more gains in the coming ￰7￱ the stated case, Ether could rise toward the $4,150 resistance zone or even $4,165 in the near ￰8￱ Decline In ETH? If Ethereum fails to clear the $3,900 resistance, it could start a fresh ￰9￱ support on the downside is near the $3,820 ￰10￱ first major support sits near the $3,800 zone. A clear move below the $3,800 support might push the price toward the $3,720 ￰11￱ more losses might send the price toward the $3,650 region in the near ￰12￱ next key support sits at $3,620. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish ￰13￱ RSI – The RSI for ETH/USD is now above the 50 ￰14￱ Support Level – $3,800 Major Resistance Level – $3,900