Ethereum Price Gearing For Another Lift-Off to $4K: Increase Isn’t Over Yet
March 29 2024 - 12:14AM
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Ethereum price is holding gains above the $3,500 zone. ETH could
gain bullish momentum if it clears the $3,680 resistance zone in
the near term. Ethereum retested the $3,450 and is currently moving
higher. The price is trading above $3,500 and the 100-hourly Simple
Moving Average. There was a break above a key bearish trend line
with resistance at $3,540 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could gain bullish momentum if it settles
above the $3,680 resistance zone. Ethereum Price Eyes Fresh
Increase Ethereum price started another downside correction below
the $3,550 zone. ETH retested the $3,450 zone before the bulls
appeared, like Bitcoin. A low was formed near $3,459 and the price
recently climbed higher. There was a move above the $3,520
resistance zone. The bulls pushed the price above the 50% Fib
retracement level of the downward move from the $3,680 swing high
to the $3,459 low. There was also a break above a key bearish trend
line with resistance at $3,540 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,520 and the 100-hourly Simple
Moving Average. On the upside, immediate resistance is near the
$3,600 level. The first major resistance is near the $3,630 level.
It is near the 76.4% Fib retracement level of the downward move
from the $3,680 swing high to the $3,459 low. Source: ETHUSD on
TradingView.com The next key resistance sits at $3,680, above which
the price might gain bullish momentum. In the stated case, Ether
could rally toward the $3,800 level. If there is a move above the
$3,880 resistance, Ethereum could even climb toward the $3,920
resistance. Any more gains might call for a test of $4,000. Another
Decline In ETH? If Ethereum fails to clear the $3,630 resistance,
it could start another decline. Initial support on the downside is
near the $3,540 level. The first major support is near the $3,480
zone. The next key support could be the $3,450 zone. A clear move
below the $3,450 support might send the price toward $3,325. Any
more losses might send the price toward the $3,250 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 – $3,450 Major Resistance Level –
$3,680
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