TA: Why Ethereum Bulls Aim Fresh Rally Above $4K

Ethereum is holding gains above the $3,800 level against the US Dollar. ETH price is struggling near $3,880, but it could accelerate higher unless the bulls fail to protect $3,680. Ethereum started another decline from the $3,880 resistance zone. The price is trading above $3,800 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $3,880 zone to start a fresh increase in the near term Ethereum Price Remains Supported Ethereum made another attempt to gain strength above the $3,850 level. ETH spiked above $3,880, but there was no upside continuation. A high was formed near $3,891 before there was a downside correction. The price declined below the $3,850 and $3,820 levels. Besides, there was a break below the 50% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. However, the bulls were active near the $3,750 zone and the 100 hourly simple moving average. It found support near the 61.8% Fib retracement level of the upward move from the $3,681 swing low to $3,891 high. There is also a key bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com Ether price is now trading above $3,800 and the 100 hourly simple moving average. An immediate resistance is near the $3,850 level. The next major resistance is ne...