Ethereum (ETH) Posts 22% Weekly Surges, Ready to Test $4K Again

Ethereum trades 22% in a week as the alternative coin moves towards the psychological mark at $4,000. Against Bitcoin, ETH declined lows as it battled to maintain the support level at 0.0759 (.236 Fibonacci).

ETH/USD – ETH Nears $4K Resistance

  • Critical support levels – $3,800, $3,615, and $3,490
  • Critical resistance levels – $3,975 to $4,000, $4,060, and $4,200.

The last day of August saw Ethereum breaking its former symmetrical triangle formation. The coin has seen aggressive moves since then. On Friday, ETH increased from bearish .786 Fibonacci ($3,790) and surged towards the resistance level at 1.272 Fibonacci Extension ($3,975).

The crypto attempted to break the resistance two times during the weekend sessions. However, both occasions met failures. Ethereum made another trial today. Meanwhile, it succeeded in cracking the zone to trade towards the price levels at $3,900.

ETH/USD Near-Term Price Forecast

The pair has its initial massive resistance from $3,975 to $4,000. Above $4,000, the asset’s resistances locates at 1.414 Fibonacci extension ($4,060), 1.414 Fibonacci Extension ($4,200), and 1.618 Fibonacci Extensions ($4,400).

Meanwhile, Ethereum has its initial resistance at $3,800. The following ones are .382 Fibonacci ($3,615), .5 Fibonacci ($3,490), 20-d MA ($3,400), and $3,350. The token’s additional support levels is at .786 Fibonacci ($3,185).

ETH/BTC –Ether Struggles To Maintain .236 Fibonacci

  • Crucial support levels – 0.0750 Bitcoin, 0.0735 Bitcoin, and 0.072 Bitcoin
  • Critical resistance levels – 0.0765 Bitcoin, 0.0785 Bitcoin, 0.08 Bitcoin

Ethereum breached a descending channel towards August ending and exploded higher. During the initial sessions of September, the leading altcoin attained a 0.0785 BTC high. On Friday, the token claimed the 0.079 BTC high before heading lowing during the weekend.

Today, Ethereum struggled to maintain the support level around 0.0759 BTC at the .236 Fibonacci Retracement.

ETH/BTC Near-Term Price Forecast

If bears take the pair below 0.0759 BTC, it will drop to the initial support at .382 Fibonacci and August highs (0.0735 BTC). The following are 0.072 BTC, .618 Fibonacci, and 20-d MA (0.07, and 0.0691 BTC.

Meanwhile, the initial resistance locates at bearish 7.86 Fibonacci (0.0765 BTC). The following ones are 0.0785BTC, 0.08 Bitcoin, and 1.272 Fibonacci Extension (0.082 BTC).

The Relative Strength Index has been declining since this month started. However, the asset’s momentum appears to favor buyers.

You can use this information in your crypto investment decisions.