Ethereum Price Surges Towards $4,000 Resistance Amid Bullish Momentum

Ethereum’s price is showing strong bullish momentum as it climbs from the $3,650 level, hinting at a potential move above the $3,950 resistance zone in the near future.

Ethereum’s Positive Movement

Ethereum has maintained a positive stance, staying above the $3,680 support level and currently trading above $3,770 along with the 100-hourly Simple Moving Average. The recent surge saw a break above a short-term bearish trend line with resistance at $3,870 on the ETH/USD hourly chart.

If Ethereum manages to surpass the $3,890 resistance zone, it could continue its upward trajectory.

Upward Momentum for Ethereum Price

After establishing a base above $3,670, Ethereum has started a fresh uptrend, surpassing $3,720 and outperforming Bitcoin. The breakout above $3,780 was accompanied by a move above the 50% Fib retracement level of the previous downward swing.

The price is currently facing resistance near the $3,890 level, close to the 76.4% Fib retracement level. A breakthrough above this level could propel Ethereum towards the $3,950 and $4,000 resistances, paving the way for further gains towards $4,050 or even $4,120.

Possible Pullback for ETH

In case Ethereum struggles to breach the $3,890 resistance, a downward correction might start. Initial support is around $3,820, followed by a more significant support at $3,775. Further decline could lead to a test of the $3,720 and $3,650 support levels, with a crucial support at $3,620.