Ethereum Price Eyes $4K Again – Will This Be the Breakout That Sticks?

Ethereum has begun a fresh upward movement, surpassing the $3,800 and $3,840 marks. The cryptocurrency is presently trading above $3,820 and its 100-hourly Simple Moving Average. A significant bullish trend line has formed, providing support at the $3,800 level on the hourly chart. Sustained support above $3,800 could propel Ethereum towards $4,000. The price recently reached a high of $3,904 after breaking through several resistance levels. Currently, Ethereum is consolidating its gains above the 23.6% Fibonacci retracement level. Immediate upside resistance is observed near $3,900, followed by $3,920 and $3,950. Clearing the $3,950 resistance could pave the way for a move towards $4,000 and potentially $4,050 or $4,200. Conversely, failure to overcome resistance at $3,920 might trigger a correction, with initial support at $3,820 and a major support zone at $3,800. Further declines could see Ethereum test $3,750 and $3,700, with a key support level at $3,640. Technical indicators, including the hourly MACD and RSI, show increasing bullish momentum.