Ethereum Price Momentum Reignites As The Bulls Aim For $4K
26 Marzo 2024 - 9:28AM
NEWSBTC
Ethereum price is attempting a fresh increase above the $3,500
zone. ETH must clear the $3,680 resistance to continue higher in
the near term. Ethereum is gaining pace above the $3,500 support
zone. The price is trading above $3,600 and the 100-hourly Simple
Moving Average. There is a key bullish trend line forming with
support at $3,560 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could continue to rise if it settles above the
$3,680 resistance zone. Ethereum Price Eyes Steady Increase
Ethereum price started a decent increase above the $3,550
resistance zone. ETH bulls were able to push the price in a
positive zone above the $3,600 level, like Bitcoin. ETH climbed
above the $3,650 resistance zone. A high was formed at $3,680 and
the price is now consolidating gains. It is holding gains above the
23.6% Fib retracement level of the upward move from the $3,301
swing low to the $3,680 high. Ethereum is now trading above $3,600
and the 100-hourly Simple Moving Average. There is also a key
bullish trend line forming with support at $3,560 on the hourly
chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside,
immediate resistance is near the $3,680 level. The first major
resistance is near the $3,720 level. The next key resistance sits
at $3,750, above which the price might gain bullish momentum. In
the stated case, Ether could rally toward the $3,880 level. If
there is a move above the $3,880 resistance, Ethereum could even
climb toward the $4,000 resistance. Any more gains might call for a
test of $4,080. Are Dips Limited In ETH? If Ethereum fails to clear
the $3,680 resistance, it could start another decline. Initial
support on the downside is near the $3,600 level. The first major
support is near the $3,580 zone and the trend line. The next key
support could be the $3,500 zone or the 50% Fib retracement level
of the upward move from the $3,301 swing low to the $3,680 high. A
clear move below the $3,500 support might send the price toward
$3,380. Any more losses might send the price toward the $3,120
level. Technical Indicators Hourly MACD – The MACD for ETH/USD is
gaining momentum in the bullish zone. Hourly RSI – The RSI for
ETH/USD is now above the 50 level. Major Support Level – $3,600
Major Resistance Level – $3,680
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