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Cryptocurrency Ethereum has entered a consolidation phase above the $3,650 support. The leading altcoin seems to be preparing for a new move towards $4,000 in the short term. After testing the $3,840 resistance zone, Ethereum entered a pause phase. Currently, the price is hovering above the $3,700 level. A short-term contracting triangle formation with support at $3,690 is noticeable on the hourly chart of the ETH/USD pair. The pair may continue its upward movement as long as it does not fall below the $3,450 support.
Ethereum Price Continues to Maintain Strength
Ethereum continued its rise by pushing its price above the $3,500 and $3,650 resistance levels. During this process, ETH outperformed Bitcoin, climbing above the $3,800 level and gaining significant momentum. A new weekly high of $3,838 was recorded, and the price is currently consolidating these gains.
Ethereum, which managed to hold above the 23.6% Fibonacci retracement level of the rise from $3,065 to $3,838, is currently trading above $3,700. Additionally, there is a short-term contracting triangle with support at $3,690 on the hourly chart of the ETH/USD pair.
Critical Resistance Levels for ETH
The immediate resistance level for Ethereum is near $3,780. The first major resistance is at $3,840. If this resistance is surpassed, the price could initiate a new upward wave. The next significant resistance is at $3,920, where the price could gain interest and rise towards $4,000.
If there is a clear move above the $4,000 level, the price could rise further and test the $4,080 resistance. More gains could push ETH towards the $4,200 resistance zone. If Ethereum manages to hold at these critical levels, it could open new doors in the crypto world.
Downside Break Risk in Ethereum
Cryptocurrency Ethereum is struggling to surpass the $3,780 resistance, which could signal a potential downside break. Ethereum’s current situation highlights some critical levels from a technical analysis perspective. The first support level on the downside is seen at $3,690. This level is also close to the current trend line. Therefore, maintaining this support level could prevent the price from falling further in the short term.
However, the main critical support is at $3,650. If Ethereum falls below this level, a larger selling pressure may occur in the market. In this case, the price could pull back to the $3,450 level. In a more pessimistic scenario, Ethereum’s price could retreat to the $3,360 level.
