Ethereum tries to keep his earnings above the 3.800 level US dollars. The price of ETH is indeed struggling to consolidate $ 3.880, but could accelerate higher. Thus, after making another attempt to gain strength above the 3.850 ETH level, the cryptocurrency failed to push higher, ending up forming a high near $ 3.891 before a downward correction.
The price fell below the $ 3.850 and $ 3.820 levels. Furthermore, there was a break below the 50% Fibonacci retracement level of the upward move from the low of $ 3.681 to $ 3.891. However, the bulls were found to be quite active near the $ 3.750 zone and the 100-hour simple moving average. From here it found support near the 61.8% Fibonacci retracement level of the upward move from the low of $ 3.681 to $ 3.891. There is also a key bullish trend line forming with support near $ 3.800 on the ETH / USD hourly chart.
Il price of the Ether it is now trading above $ 3.800 and the 100-hour simple moving average. Immediate resistance is near the $ 3.850 level. The next major resistance is near the $ 3.880 level. A clear break above the $ 3.880 level could push the price towards $ 4.000. Any other gains could send the price towards the $ 4.120 level. The next major resistance is near the $ 4.250 level.
On the other hand, if Ethereum fails to initiate a new rise above the $ 3.850 level, it could continue to move downwards. A first bearish support is near the $ 3.800 level.
The first key support is forming near the $ 3.740 level. A break down below the $ 3.740 level could lead the price towards the key support of $ 3.680 in the near term. The next major support is near the $ 3.600 level.