Ethereum Price Rallies 10%, Why Close Above $3,550 Is The Key
March 21 2024 - 12:24AM
NEWSBTC
Ethereum price started a recovery wave from the $3,050 zone. ETH is
up over 10% and is now struggling to clear the $3,550 resistance
zone. Ethereum started a decent recovery wave from the $3,050 zone.
The price is trading above $3,350 and the 100-hourly Simple Moving
Average. There was a break above a major bearish trend line with
resistance at $3,400 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could continue to rise if it settles above the
$3,550 resistance zone. Ethereum Price Starts Recovery Ethereum
price extended its decline below the $3,350 and $3,200 levels, like
Bitcoin. ETH even declined below the $3,150 support level before
the bulls appeared. It tested the $3,050 zone. A low was formed at
$3,059 and the price is moving higher. There was a strong recovery
wave above the $3,350 resistance. The price cleared the 50% Fib
retracement level of the downward wave from the $3,675 swing high
to the $3,059 low. There was also a break above a major bearish
trend line with resistance at $3,400 on the hourly chart of
ETH/USD. Ethereum price is now trading above $3,400 and the
100-hourly Simple Moving Average. On the upside, immediate
resistance is near the $3,520 level or the 76.4% Fib retracement
level of the downward wave from the $3,675 swing high to the $3,059
low. The first major resistance is near the $3,550 level. The next
key resistance sits at $3,675, above which the price might gain
bullish momentum. Source: ETHUSD on TradingView.com In the stated
case, Ether could rally toward the $3,820 level. If there is a move
above the $3,820 resistance, Ethereum could even rise toward the
$4,000 resistance. Any more gains might call for a test of $4,080.
Another Decline In ETH? If Ethereum fails to clear the $3,550
resistance, it could start another decline. Initial support on the
downside is near the $3,380 level. The first major support is near
the $3,320 zone. The next key support could be the $3,220 zone. A
clear move below the $3,220 support might send the price toward
$3,150. Any more losses might send the price toward the $3,050
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 – $3,380
Major Resistance Level – $3,550
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