ETH Price Hits New High: Bullish Breakout Expected

Ethereum has reached new heights, surpassing the $3800 resistance level once again. Currently consolidating around $3850, ETH is poised for a short-term breakout above $4000.

Key Points:

• Ethereum resumes its upward trend above the $3750 resistance level.
• The price is trading above $3750 and the 100-hour simple moving average.
• A key bullish trend line is forming with support at $3780 on the hourly chart of ETH/USD (data feed from Kraken).
• The pair is likely to continue rising unless it breaks below the $3540 support level.

Ethereum’s Continued Upside Potential

Ethereum’s price has stabilized above the $3540 support area. ETH established a foundation, outperforming Bitcoin, and began rising again above $3650.

The pair moved above the $3750 resistance level. The bulls pushed the price above the 50% Fibonacci retracement level, moving from the $3944 high to the $3530 low. Additionally, a key bullish trend line with support at $3780 is forming on the hourly chart of ETH/USD.

Ethereum is trading above $3750 and the 100-hour simple moving average. It is also above the 76.4% Fibonacci retracement level from the $3944 high to the $3530 low.

Immediate Resistance Levels:

• The immediate resistance is near $3880.
• The first major resistance is around $3920. A break above this level could lead to a significant rise.
• The next key resistance is at $4000. Surpassing this level could gain traction, pushing the price to $4080.

Further Upside:

• If the price clearly surpasses the $4080 level, it could rise to test the $4220 resistance.
• Any additional gains might drive Ethereum towards the $4350 resistance area.

Conclusion:
With Ethereum’s price consistently staying above key support levels and forming bullish patterns, a breakout above $4000 seems imminent. If the upward momentum continues, ETH could reach new highs, targeting the $4080 and $4220 resistance levels.