TA: Why Ethereum Bulls Aim Fresh Rally Above $4K

Aayush Jindal

Last Updated: June 11, 2024 11:53 am

2 mins read

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Ethereum is holding gains above the $3,800 level against the US Dollar. ETH price is struggling near $3,880, but it could accelerate higher unless the bulls fail to protect $3,680.

Ethereum started another decline from the $3,880 resistance zone.
The price is trading above $3,800 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $3,880 zone to start a fresh increase in the near term

Ethereum Price Remains Supported

Ethereum made another attempt to gain strength above the $3,850 level. ETH spiked above $3,880, but there was no upside continuation. A high was formed near $3,891 before there was a downside correction.

The price declined below the $3,850 and $3,820 levels. Besides, there was a break below the 50% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. However, the bulls were active near the $3,750 zone and the 100 hourly simple moving average.

It found support near the 61.8% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. There is also a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

Ether price is now trading above $3,800 and the 100 hourly simple moving average. An immediate resistance is near the $3,850 level. The next major resistance is near the $3,880 level. A clear upside break above the $3,880 level could pump the price towards $4,000. Any more gains could send the price towards the $4,120 level. The next main resistance is near the $4,250 level.

Downside Break in ETH?

If ethereum fails to start a fresh increase above the $3,850 level, it could continue to move down. An initial support on the downside is near the $3,800 level.

The first key support is now forming near the $3,740 level. A downside break below the $3,740 level might lead the price towards the key $3,680 support in the near term. The next major support is near the $3,600 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is above the 50 level.

Major Support Level – $3,740

Major Resistance Level – $3,850

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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