Ethereum Price Faces Many Hurdles, Downside Thrust Before Fresh Increase?
March 14 2024 - 12:59AM
NEWSBTC
Ethereum price is struggling above the $4,000 zone. ETH is slowly
moving lower and there is a risk of a downside thrust toward the
$3,850 support. Ethereum traded to a new multi-month high above
$4,080 before correcting lower. The price is trading below $4,000
and the 100-hourly Simple Moving Average. There is a connecting
bullish trend line forming with support at $3,965 on the hourly
chart of ETH/USD (data feed via Kraken). The pair could resume its
increase if it clears the $4,025 resistance zone. Ethereum Price
Holds Support Ethereum price extended its increase above the $4,050
level, like Bitcoin. ETH traded to a new multi-month high above
$4,080 before there was a downside correction. The price declined
below the $4,000 level. It seems like Ether bulls are struggling to
keep the price above $4,000. There was a move below the 23.6% Fib
retracement level of the upward move from the $3,830 swing low to
the $4,083 high. Ethereum price is now trading below $3,980 and the
100-hourly Simple Moving Average. However, the bulls are active
near the $3,950 zone. There is also a connecting bullish trend line
forming with support at $3,965 on the hourly chart of ETH/USD. The
trend line is close to the 50% Fib retracement level of the upward
move from the $3,830 swing low to the $4,083 high. If the pair
stays above the $3,950 level, it could attempt another increase.
Immediate resistance on the upside is near the $4,025 level. The
first major resistance is near the $4,050 level. The next major
resistance is near $4,085, above which the price might gain bullish
momentum. Source: ETHUSD on TradingView.com In the stated case,
Ether could rally toward the $4,150 level. If there is a move above
the $4,150 resistance, Ethereum could even rise toward the $4,250
resistance. Any more gains might call for a test of $4,320.
Downside Break In ETH? If Ethereum fails to clear the $4,025
resistance, it could start a downside correction. Initial support
on the downside is near the $3,950 level. The first major support
is near the $3,880 zone. The next key support could be the $3,830
zone. A clear move below the $3,830 support might send the price
toward $3,750. Any more losses might send the price toward the
$3,650 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 below the 50 level. Major Support Level –
$3,950 Major Resistance Level – $4,025
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