Ethereum price extended its increase toward $3,950. ETH is now consolidating gains and might aim for a move above the $4,000 resistance.
- Ethereum traded to a new multi-month high above $3,940.
- The price is trading above $3,850 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bullish flag pattern with resistance at $3,830 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its increase if it clears the $3,940 resistance zone.
Ethereum Price Remains In Strong Uptrend
Ethereum price extended its rally above the $3,850 level, unlike Bitcoin. BTC failed to extend gains above the $68,000 zone and is now consolidating gains. However, ETH silently moved higher above $3,850.
There was a break above a short-term bullish flag pattern with resistance at $3,830 on the hourly chart of ETH/USD. The pair broke the $3,900 resistance zone. It traded to a new multi-month high above $3,940 and recently started a consolidation phase.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,940 resistance, it could start another downside correction. Initial support on the downside is near the $3,850 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,720 Major Resistance Level – $3,940