Ethereum price in the market is moving higher and consolidating around $3,850, eyeing a breakout above $4,000 in the near term.
Ethereum (one of the top 10 altcoins) has formed a bullish trend line with support of around $3,780 on the hourly chart. It is trading above the $3,750 resistance and the 100-hourly SMA.
The next major resistance levels are $3,920 and $4,000. A break above $4,000 could lead to further gains toward $4,080 and $4,220.
However, if Ethereum fails to clear the $3,880 resistance, it could see another downside correction. Initial support is at $3,800 and the trend line, followed by $3,735 and $3,540.
The hourly MACD is gaining bullish momentum, while the RSI is above 50, indicating positive signs for Ethereum’s price action.
In essence, Ethereum is positioning for a bullish breakout if it can clear the $3,880-$4,000 resistance zone, but faces the risk of a pullback if it fails to do so in the near term.
Source: NEWSBTC
