Original source WeChat public account: Crypto A Yao.

Ethereum price regains momentum.

The price of Ethereum remains stable and continues to rise, breaking through $3,880, but performing worse than Bitcoin. ETH is able to climb above the resistance levels of $3,980 and $4,000.

The bulls pushed the MMF pair to break through the resistance levels of $4,050 and $4,080. Before the pullback, the pair formed a high at $4,107. It dipped slightly below $4,000. The price traded as low as $3,946 and is currently on the rise.

The price broke above the 23.6% Fibonacci retracement level from the high of $4,107 to the low of $3,946. The current trading price of Ethereum is above $4,000 and the 100-hour simple moving average. A significant Call Trendline is also forming on the ETH/USD hourly chart, with support at $3,940.

On the upside, the price seems to be facing resistance around $4,025. The first major resistance level is around $4,070, which is the 76.4% Fibonacci retracement level of the downward move from the high of $4,107 to the low of $3,946.

Currently, the main resistance level is forming around $4,120. If the resistance level of $4,120 is significantly broken, the price may drop towards the resistance level of $4,250. If the resistance level of $4,250 is broken, more upside may occur in the coming trading days. In this case, Ethereum may rise towards the resistance level of $4,350 or even $4,500.

Is ETH undergoing a downward correction?

If Ethereum fails to break through the Resistance level of $4,120, it may decline again. The initial support level on the downside is around $3,980. The first major support level is near the $3,940 area.

Falling below the $3,940 support level could push the price towards the $3,880 support level. If the price drops further, it may fall to the $3,800 support level in the short term. The next key support level is at $3,750.