After the bulls breached key resistance, it targeted $4,000

TLDR

Ethereum broke above $3,750 and reached a high of $3,988, forming support at $3,840, with the next highest resistance levels at $3,980 and $4,000, technical targets at $4,150 and 4,320. Indicators including MACD and RSI show bullishness with key support levels above. $3,840, $3,750, and $3,665 if returned

Ethereum's price action has attracted market attention in recent trading sessions, showing strength as it nears the $4,000 mark. The second-largest cryptocurrency by market capitalization has established multiple support levels above $3,800, suggesting a solid base for further gains.

In recent hours, Ethereum successfully broke above the $3,750 resistance level, continuing its upward trend and reaching a high of $3,988 in the area. This move represents a clear break above several technical resistance levels that previously limited price action.

The price action shows strength above the $3,800 level, where traders have established a popular support zone. Technical analysis shows a bullish trend line with support at $3,840, which provides the basis for higher moves ahead.

According to trading data, Ethereum price currently sits above the $3,800 mark and the 100-hour simple moving average, technical indicators traders use to gauge market momentum. This position shows the strength in the current market structure.

Market participants have noted several key resistance levels that could influence future price action. The first major hurdle is seen at $3,950, followed by a more significant resistance zone near $3,980. A break above these levels could pave the way for a test of the psychologically important $4,000 mark.

If buyers succeed in pushing the price above $4,000, technical analysis suggests possible targets at $4,150 and $4,320. These levels may represent the next major resistance zone for increased selling pressure.

However, traders should note that there are several support levels that may come into play if the price experiences a rebound. The first prominent support is located at $3,840, which coincides with the bullish trend line identified in the recent price action.

Below, the $3,750 zone represents another critical support level, with the 50% Fibonacci retracement level of the recent upside from $3,527 to $3,988. This technical indicator is often used as a reference point for traders to analyze potential reversal levels.

Technical indicators currently support the bullish case, the MACD shows an increasing momentum in the positive zone. The Relative Strength Index (RSI) remains above the 50 mark, indicating healthy buying pressure in the market.

Trading volume analysis shows consistent participation from market participants, indicating genuine interest in current price action rather than artificial activity. This volume profile adds credibility to recent price movements.

An hourly chart shows a high-low-low pattern, typically considered bullish market behavior. This pattern remained intact until the recent price action, providing further technical support for the uptrend.

If the price fails to sustain its current direction, several additional support levels may come into play. These include the $3,665 zone and, in a broader reversal, the $3,550 area. The $3,500 level represents a major support zone that traders are watching closely.

Recent price data shows consolidation at the $3,900 level, as traders seem to be gathering strength for tests at higher levels. The market has shown an ability to hold gains indicating buying pressure.

The current market structure includes several levels of support, providing potential safety nets for any short-term price correction. These technical factors contribute to the overall stability of recent price movements.

The most recent price action shows Ethereum trading near $3,900, maintaining its position above key support levels, with market participants assessing the possibility of further upward movement.