The Ethereum price is on the move again, surging above the $3,800 resistance level and eyeing more gains in the near term. After a strong rally following the approval of the ETH ETF, the cryptocurrency has been making steady progress, with bulls defending key levels and pushing the price higher.

According to recent charts, Ethereum has been testing the 23.6% Fibonacci retracement level of the upward move from the $2,870 swing low to the $3,975 high. Despite a minor pullback from the $3,975 zone, the price has remained well above the 50-day simple moving average (blue) and the $3,700 zone.
The latest surge has seen Ethereum break above the $3,780 and $3,800 resistance levels, clearing a short-term contracting triangle with resistance at $3,800 on the daily chart. This is a positive sign, suggesting a high chance of more upsides ahead.
Immediate resistance is near the $3,900 level, with the first major resistance at $3,950. The main resistance could be $4,000, with a clear move above this level potentially sparking another increase. A successful daily close above $4,000 could send Ether toward $4,080, with the next major resistance visible near $4,250.
In the event of a successful close above $4,250, Ethereum might surge toward $4,400, potentially even reaching the $5,000 zone in the near term.
However, there is also a risk of a downside correction. If the price breaks below the $3,700 support zone, there could be a larger pullback. In this scenario, the price might test the $3,550 level, with the next major support at the 50% Fibonacci retracement level of the upward move from the $2,870 swing low to the $3,975 high at $3,420.
Overall, Ethereum’s price is holding gains above $3,720 and $3,700, and if it clears the $4,000 resistance, there could be a fresh surge in the near term.

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Source: CoinChapter