Ethereum Price Uptrend To Continue? These Factors Could Send ETH To $4,300
March 12 2024 - 12:29AM
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Ethereum price cleared the $4,000 resistance zone. ETH is now
consolidating gains and might extend its increase above the $4,100
zone. Ethereum traded to a new multi-month high above $4,050. The
price is trading above $4,000 and the 100-hourly Simple Moving
Average. There is a short-term breakout pattern forming with
resistance at $4,060 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could resume its increase if it clears the $4,080
resistance zone. Ethereum Price Reclaims $4K Ethereum price
remained well-bid above the $3,880 level and extended its increase,
like Bitcoin. ETH was able to clear the key $4,000 resistance to
move further into a positive zone. The price settled above the
$4,000 level. It traded to a new multi-month high above $4,000 and
recently started a consolidation phase. There was a pullback below
the $4,050 level. The price tested the 23.6% Fib retracement level
of the recent increase from the $3,820 swing low to the $4,088
high. Ethereum price is now consolidating above $4,000 and the
100-hourly Simple Moving Average. There is also a short-term
breakout pattern forming with resistance at $4,060 on the hourly
chart of ETH/USD. If the pair stays above the $4,000 level, it
could attempt another increase. Immediate resistance on the upside
is near the $4,060 level. The first major resistance is near the
$4,080 level. Source: ETHUSD on TradingView.com The next major
resistance is near $4,120, above which the price might gain bullish
momentum. In the stated case, Ether could rally toward the $4,220
level. If there is a move above the $4,220 resistance, Ethereum
could even rise toward the $4,300 resistance. Any more gains might
call for a test of $4,350. Are Dips Supported In ETH? If Ethereum
fails to clear the $4,060 resistance, it could start a downside
correction. Initial support on the downside is near the $4,020
level. The first major support is near the $3,950 zone or the 50%
Fib retracement level of the recent increase from the $3,820 swing
low to the $4,088 high. The next key support could be the $3,920
zone. A clear move below the $3,920 support might send the price
toward $3,880. Any more losses might send the price toward the
$3,780 level. Technical Indicators Hourly MACD – The MACD for
ETH/USD is losing momentum in the bullish zone. Hourly RSI – The
RSI for ETH/USD is now above the 50 level. Major Support Level –
$3,950 Major Resistance Level – $4,080
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