Ethereum has managed to climb above the level of 3800 and even reach a high of 3859. But as it approaches 4000, Ethereum is feeling increased pressure from the bears. As a result, the ETH/USD pair bounced down from the high of 3859 and dropped to the area of 3780.
At the same time, the ETH/USD pair held above the 100-hour moving average, but dropped below the uptrend line. The level of 3750 provides ample support for the ETH/USD pair. Here the bulls can consolidate their strength for a new jump to the level of 4000. However, do not forget that the resistance level of 3850 has not disappeared anywhere. Bulls need a lot of strength to overcome it. Successful overcoming of this level will bring the price of Ethereum closer to $4000. Any move above 4000 will set the pace for growth to the area of 4200.
But if the bears can develop a correction and send the Ethereum price below $3750, we will see a decline towards the area of 3650. A break of this support level will send the ETH/USD pair to the area of 3550.
In terms of fundamental data, Ethereum is repeating the Bitcoin scenario. On the exchanges, there is a decrease in the supply of Ethereum as a result of the outflow of cryptocurrency to cold wallets. Also, as reported by IntoTheBlock, the rise in the price of Ethereum above $3750 had a beneficial effect on the owners of this cryptocurrency. As a result of the rise in the price of Ethereum, more than 60 million wallets have become profitable. And analysts say Ethereum is in the buy zone. This means that soon we can see Ethereum above $4000.