Ethereum price extended its decline and tested the support at $3,700. ETH is currently consolidating and seeing a up-to-date surge above $3,840.

• Ethereum extended its decline and tested the $3,700 zone.
• The price is near $3,800 and the 100-hour straightforward moving average.
• A key uptrend line is forming on the hourly chart of ETH/USD (feeding data via Kraken) with support near $3,760.
• The pair may start a up-to-date rally unless there is a close below the $3,700 support.

Ethereum price maintains support

Ethereum price struggled to start a up-to-date rally and fell below the $3,750 support zone, just like Bitcoin. ETH was even trading below the support zone at $3,720. However, bulls were busy near the $3,700 support zone.

The low has formed at $3,702, and the price has recently begun a wave of recovery. There was a move above the $3,750 level. The price has risen above the 23.6% Fib retracement level, a downward move from a high of $3,957 to a low of $3,702.

Ethereum price is currently trading near $3,800 and the 100-hour straightforward moving average. A key bullish trendline is also forming on the hourly chart of ETH/USD with support near $3,760.

If a up-to-date rally occurs, ETH may face resistance near the $3,830 level. The first major resistance is located near the $3,880 level or the 76.4% Fib retracement level as part of a downward move from a high at $3,957 to a low at $3,702.

An upward break above the resistance at $3,880 could trigger a rally in the price. The next key resistance is at $3,950, above which the price may gain strength and move towards the $4,000 level.

If bulls push Ether above the $4,000 level, the price could move higher and test the resistance at $4,080. Any further gains could push Ether towards the $4,220 resistance zone.

Another ETH drop?

If Ethereum fails to break through the resistance at $3,830, another decline could begin. Initial downside support is located near the $3,750 level and the trend line.

The next major support is near the $3,720 zone. A clear move below the support at $3,720 could push the price towards $3,660. Larger losses could push the price towards the $3,550 level in the near future.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bear zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 3,720

Major resistance level – $3,880