Ethereum Price Stays Elevated—Bulls Eye Further Upside

Ethereum's price has started a fresh increase above the $3,720 zone, showing bullish signs and potentially continuing to rise towards the $3,850 zone. The price is trading above $3,670 and the 100-hourly Simple Moving Average, with a key bullish trend line forming with support at $3,670. The pair could start a fresh increase if it remains supported above the $3,650 zone in the near term. Ethereum price recently corrected some gains after testing the $3,860 zone, but is now trading above $3,650 and the 100-hourly Simple Moving Average. The price could face resistance near the $3,770 level, with the next key resistance at $3,800 and the first major resistance at $3,850. A clear move above the $3,850 resistance might send the price toward the $3,920 resistance, potentially leading to more gains in the coming sessions. If Ethereum fails to clear the $3,770 resistance, it could start a downside correction, with initial support on the downside near the $3,670 level. The MACD is losing momentum in the bullish zone, while the RSI is now above the 50 zone. Major support levels include $3,670, $3,550, and $3,450, while major resistance levels include $3,800 and $3,920.