Ethereum Price Faces Big Move – Can Bulls Send ETH To $4K?
April 09 2024 - 1:04AM
NEWSBTC
Ethereum price is gaining pace above the $3,600 resistance zone.
ETH could extend its upward move if it clears the $3,725 resistance
zone. Ethereum is aiming for more gains above the $3,725 and $3,740
levels. The price is trading above $3,650 and the 100-hourly Simple
Moving Average. There is a connecting bullish trend line forming
with support at $3,480 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could extend its rally if there is a close
above the $3,725 resistance zone. Ethereum Price Jumps Over 8%
Ethereum price formed a base and started a decent increase above
the $3,500 resistance, like Bitcoin. ETH surpassed the $3,600 and
$3,650 levels to move into a positive zone. A new weekly high was
formed at $3,726 and the price is now consolidating gains. The
price is well above the 23.6% Fib retracement level of the upward
move from the $3,224 swing low to the $3,726 low. It is up over 8%
and there are chances of more upsides. Ethereum is trading above
$3,650 and the 100-hourly Simple Moving Average. There is also a
connecting bullish trend line forming with support at $3,480 on the
hourly chart of ETH/USD. It is close to the 50% Fib retracement
level of the upward move from the $3,224 swing low to the $3,726
low. Immediate resistance is near the $3,725 level. The first major
resistance is near the $3,750 level. The next key resistance sits
at $3,800, above which the price might test the $3,880 level, above
which Ether could gain bullish momentum. Source: ETHUSD on
TradingView.com In the stated case, the price could rise toward the
$3,880 zone. If there is a move above the $3,920 resistance,
Ethereum could even rise toward the $4,000 resistance. Are Dips
Limited In ETH? If Ethereum fails to clear the $3,725 resistance,
it could start a downside correction. Initial support on the
downside is near the $3,620 level. The first major support is near
the $3,500 zone or the trend line. The next key support could be
the $3,420 zone. A clear move below the $3,420 support might send
the price toward $3,350. Any more losses might send the price
toward the $3,220 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 – $3,500 Major Resistance Level – $3,725
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