Ethereum Price Holds Steady, $4K Remains The Goal

Ethereum price is recovering higher from the $3,500 zone. ETH is showing bullish signs and might soon aim for a move above the $3,700 resistance zone. Ethereum remained in a positive zone and stayed above the $3,500 zone. The price is trading above $3,620 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $3,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could restart its increase if it clears the $3,700 zone. Ethereum Price Makes Fresh Increase Ethereum price failed to clear the $3,680 resistance zone and corrected some gains like Bitcoin . ETH declined below the $3,600 and $3,550 support levels. It even retested the $3,500 support level. A low was formed at $3,505 and the price is now attempting a fresh increase. There was a move above the $3,600 and $3,620 levels. The price cleared the 50% Fib retracement level of the downward move from the $3,760 swing high to the $3,505 low. Besides, there was a break above a connecting bearish trend line with resistance at $3,600 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,600 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $3,680 level. The first major resistance is near the $3,700 level or the 76.4% Fib retracement level of the downward move from the $3,760 swing high to the $3,505 low. The main resistance is now forming near $3,750. A clear move above the $3,750 resistance might send the price toward the $3,880 resistance. An upside break above the $3,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120. Another Drop In ETH? If Ethereum fails to clear the $3,700 resistance, it could start another decline. Initial support on the downside is near the $3,600 level. The first major support sits near the $3,550 zone. A clear move below the $3,550 support might push the price toward the $3,500 support. Any more losses might send the price toward the $3,420 support level in the near term. The next key support sits at $3,350. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,600 Major Resistance Level – $3,700