Ethereum (ETH) has staged a powerful price rally, surging past the $3,800 mark and igniting hopes of a move toward the key $4,000 resistance zone. Backed by technical strength and market sentiment, ETH continues to show dominance in the crypto market, outperforming Bitcoin in recent sessions.
According to real-time data from Kraken, ETH recently cleared major resistance levels, including the $3,750 and $3,800 zones. As of now, Ethereum is trading above $3,700 and holds firmly above its 100-hour Simple Moving Average, a sign of bullish strength. A key upward trend line has formed with support near $3,720 on the ETH/USD hourly chart.
ETH reached a recent high of $3,859 and is consolidating near that level. The 23.6% Fibonacci retracement from the $3,031 swing low to the $3,859 high now serves as a cushion beneath current levels. If momentum continues, Ethereum could aim for $3,950 in the short term, and a clean break beyond that may push the token toward $4,000 or even $4,200.
Upside Targets and Bullish Catalysts
Immediate resistance lies near $3,800, with stronger resistance at $3,860 and $3,920. A breakout above $3,920 could confirm a continuation of the bullish trend. This move would likely spark further buying interest, leading ETH toward the psychological barrier of $4,000.
Market analysts highlight Ethereum’s ability to monetize its volatility through smart contract activity and Layer 2 adoption, fueling optimism that a longer-term bullish structure is forming.
Risks and Support Levels to Watch
However, a failure to maintain momentum above the $3,800 level could result in a short-term pullback. Initial support is at $3,720, followed by the $3,650 zone. A drop below $3,620 could drive ETH toward $3,550, and further weakness may expose the $3,450 and $3,320 levels.
Technical indicators remain cautiously bullish. The hourly MACD is slowly losing momentum in the positive zone, while the RSI for ETH/USD is hovering just below the 50 mark, suggesting consolidation before the next big move.
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