Ethereum Price Consolidating Near $3,850, Eyes Upside Break Above $4,000

Are you keeping an eye on Ethereum’s price movements? If not, now is the time to pay attention as ETH is on the move again, with the potential to break above key resistance levels and reach new highs.

After consolidating near the $3,850 mark, Ethereum has started to climb higher, surpassing the $3,800 resistance. The current price action suggests that ETH is poised for further gains, with a potential breakout above $4,000 looming on the horizon.

Technical indicators point to a bullish trend for Ethereum, with the price trading above both the $3,750 level and the 100-hourly Simple Moving Average. A key bullish trend line is also forming with support at $3,780 on the hourly chart of ETH/USD.

If the current momentum continues, Ethereum could see a push towards the $3,920 resistance level, with the next major hurdle at $4,000. A successful break above $4,000 could pave the way for further upside movement towards the $4,080 and $4,220 resistance levels.

However, traders should remain cautious as a failure to clear the $3,880 resistance could lead to a downside correction. In such a scenario, initial support is seen at the $3,800 level, followed by the trend line and the $3,735 zone.

Overall, the current price action for Ethereum suggests a bullish outlook, with the potential for further gains in the near term. Keep a close watch on key resistance and support levels to navigate the market effectively and make informed trading decisions.