Ethereum Price Rockets Up: $4,000 Target Inches Closer 🚀
Ethereum price is on the rise, coming from the $3,550 level and aiming to surpass the $3,920 resistance zone. It has stayed above the $3,650 zone, currently trading over $3,750 and the 100-hourly Simple Moving Average.
There is a key bullish trend line with support at $3,800. If the resistance at $3,880 is overcome, the price might continue its upward trajectory.
Ethereum formed a base and started increasing above $3,700, similar to Bitcoin, and managed to cross the $3,800 resistance. A high was registered at $3,895.
Despite facing resistance at $3,895, Ethereum is showing strength above the 23.6% Fib retracement level from a previous swing low to high move.
The price must clear the $3,920 resistance to head towards $4,000, with potential further gains if the price breaks this level.
If the price cannot move past the $3,920 resistance, Ethereum might start declining. Key support levels to watch include $3,750 and $3,700, with the latter also associated with the 50% Fib retracement level from $3,505 to $3,895.
The hourly MACD is gaining momentum in the bullish zone, and the RSI is above 50, suggesting bullishness.
Major support levels are at $3,700, while significant resistance is at $3,920.
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