News/NewsBTC/Ethereum’s Price Surge Unleashed—Is the $4K Milestone Within Reach? The momentum behind Ethereum’s price has burst forward, and it seems the route to the $4K mark is clear.
Ethereum has instigated a fresh rally, surging past the $3,750 mark. The cryptocurrency is flashing bullish signals, hinting at the possibility of an upward trend towards the $3,950 zone. Ethereum has initiated a new surge beyond the $3,750 mark.
Currently, the price is hovering above $3,650, well above the 100-hourly Simple Moving Average. A vital bullish trend line can be seen, with its support at $3,720 on the hourly chart of ETH/USD (data feed via Kraken). If the pair maintains its support above the $3,650 zone in the near term, it could trigger another increase.
Ethereum’s price has continued to rise above $3,800, outpacing Bitcoin. Gaining momentum, ETH broke through the $3,750 resistance zone, remaining in a positive zone. The bulls even pushed the price beyond $3,800, peaking at the $3,860 zone. A high was established at $3,859, and the price is now solidifying its gains above the 23.6% Fib retracement level of the upward move from the $3,031 swing low to the $3,859 high.
At present, Ethereum’s price is trading above $3,700 and the 100-hourly Simple Moving Average. A crucial bullish trend line is shaping up, with support at $3,720 on the hourly chart of ETH/USD.
On the upside, the price might encounter resistance near the $3,800 level. The next significant resistance is near the $3,860 level, with the first major resistance close to the $3,920 level. If the price makes a clean break above the $3,920 resistance, it could be propelled towards the $3,950 resistance.
Breaking above the $3,950 resistance could pave the way for further gains in the upcoming sessions. In this scenario, Ethereum could soar towards the $4,000 resistance zone and even reach $4,200 in the near future.
However, if Ethereum fails to shatter the $3,800 resistance, it could undergo a downside correction. Initial support on the downside is near the $3,720 level, with the first significant support close to the $3,650 zone. If the price dips below the $3,620 support, it could be driven towards the $3,550 support. Any additional losses could push the price towards the $3,450 support level in the near term, with the next crucial support at $3,320.
Technical Indicators: Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,650. Major Resistance Level – $3,860.
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