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Ethereum's price starts the year feeling the upside

Ethereum it formed a base above $ 3.600 and started a new rise. ETH was able to climb above the $ 3.750 resistance zone to move into a positive zone. There was then a clear move above the $ 3.800 level and the 100 hour simple moving average. A new weekly high was formed near $ 3.854 and the price is now consolidating its gains. There was a minor drop below the $ 3.840 and $ 3.820 levels.

The price is trading below the 23,6% Fibonacci retracement level of the recent rise from the low of $ 3.622 to $ 3.854. It is now trading close to $ 3.800 and the 100-hour simple moving average.

Immediate upside resistance is near the $ 3.820 level. The next major resistance is near the $ 3.850 level. A break above the $ 3.850 level could push the price towards $ 4.000. Any other gains could send the price towards the $ 4.120 level. The main resistance is near the $ 4.200 level.

If Ethereum fails to initiate a new rise above the $ 3.850 level, a downward correction may begin. A first bearish support is near the $ 3.780 level or trend line. The first key support is forming near $ 3.865 and the 100-hour simple moving average.

A break to the downside below the 100 hourly SMA could put a lot of pressure on the bulls. In the case indicated, the price could fall towards the $ 3.740 support zone in the short term.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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