The bitcoin mining softwareEthereum network's native token has demonstrated resilience by holding above $3,900, with market participants closely watching the $4,000 psychological barrier.

• ETH establishes support above $3,880 after recent upward movement

• Current trading activity occurs below the 100-hour SMA at $3,920

• Hourly charts show breakout from descending channel pattern

• Market structure suggests possible continuation above $4,020

Technical Landscape for Ethereum

Following Bitcoin's recent performance, Ethereum has maintained relative stability while carving its own path. The digital asset successfully tested higher levels beyond $3,920, demonstrating improved market sentiment.

Chart analysis reveals ETH broke through a significant resistance trendline at $3,900, subsequently testing the $4,000-$4,010 zone. After establishing a local peak at $4,019, the cryptocurrency entered a consolidation phase with minor retracements.

The current price action shows ETH holding above the 23.6% Fibonacci retracement level from its recent swing low. The 100-hour moving average provides dynamic support near $3,880 as traders evaluate next potential moves.

Key resistance clusters appear at psychological levels, with $4,020 representing the immediate hurdle. A decisive close above $4,050 could open the path toward $4,150, potentially extending gains to $4,250-$4,320 territory.

Potential Scenarios for ETH Traders

Failure to sustain momentum above $4,000 may trigger profit-taking activity. Initial support emerges at $3,920, coinciding with the 50% Fibonacci retracement level from recent swings.

The $3,880 zone represents critical support, with breakdown potential toward $3,840. Further weakness could test the $3,750 area, where stronger buying interest might emerge.

Technical Indicators

Momentum oscillator shows bullish divergence developing

Relative Strength Index maintains position above neutral territory

Immediate Support - $3,920

Key Resistance - $4,000