Ethereum Price Dips Attractive As Bulls Aim For Move Above $4,200
March 13 2024 - 12:00AM
NEWSBTC
Ethereum price is consolidating near the $4,000 zone. ETH is again
moving higher as the bulls seem to be aiming for a move above the
$4,200 level. Ethereum traded to a new multi-month high above
$4,080 before correcting lower. The price is trading above $4,000
and the 100-hourly Simple Moving Average. There was a break above a
key contracting triangle with resistance at $4,025 on the hourly
chart of ETH/USD (data feed via Kraken). The pair could resume its
increase if it clears the $4,085 resistance zone. Ethereum Price
Regains Strength Ethereum price spiked above the $4,000 resistance
zone, like Bitcoin. ETH traded to a new multi-month high above
$4,050 before there was a downside correction. The price declined
below the $4,000 level, but the bulls were active near the $3,850
zone. A low was formed at $3,830 and the price is now rising. There
was a move above the $4,000 resistance. The price cleared the 50%
Fib retracement level of the recent decline from the $4,088 swing
high to the $3,830 low. Ethereum price is now trading above $4,000
and the 100-hourly Simple Moving Average. There was a break above a
key contracting triangle with resistance at $4,025 on the hourly
chart of ETH/USD. It is now showing positive signs above the 76.4%
Fib retracement level of the recent decline from the $4,088 swing
high to the $3,830 low. If the pair stays above the $4,020 level,
it could attempt another increase. Immediate resistance on the
upside is near the $4,085 level. Source: ETHUSD on TradingView.com
The first major resistance is near the $4,120 level. The next major
resistance is near $4,150, above which the price might gain bullish
momentum. In the stated case, Ether could rally toward the $4,280
level. If there is a move above the $4,280 resistance, Ethereum
could even rise toward the $4,350 resistance. Any more gains might
call for a test of $4,500. Are Dips Limited In ETH? If Ethereum
fails to clear the $4,085 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 $3,965 zone or 100
hourly SMA. The next key support could be the $3,880 zone. A clear
move below the $3,880 support might send the price toward $3,830.
Any more losses might send the price toward the $3,740 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 – $3,965 Major
Resistance Level – $4,085
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