Ethereum Price Signals Uptrend Continuation But Can Bulls Clear This?
March 22 2024 - 12:15AM
NEWSBTC
Ethereum price is attempting a recovery wave above the $3,500 zone.
ETH must clear the $3,580 resistance to continue higher in the near
term. Ethereum started a decent recovery wave above the $3,350
zone. The price is trading above $3,450 and the 100-hourly Simple
Moving Average. There was a break above a short-term bullish flag
pattern with resistance at $3,480 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could continue to rise if it
settles above the $3,580 resistance zone. Ethereum Price Holds
Support Ethereum price started a decent upward move above the
$3,250 and $3,350 resistance levels, like Bitcoin. ETH even
surpassed the $3,500 resistance to move into a positive zone. A
high was formed at $3,587 and there was a minor pullback. The price
declined below the $3,500 level and spiked below the 23.6% Fib
retracement level of the recovery wave from the $3,059 swing low to
the $3,587 high. However, the bulls are active near $3,400.
Recently, there was a break above a short-term bullish flag pattern
with resistance at $3,480 on the hourly chart of ETH/USD. Ethereum
price is now trading above $3,500 and the 100-hourly Simple Moving
Average. Source: ETHUSD on TradingView.com On the upside, immediate
resistance is near the $3,550 level. The first major resistance is
near the $3,580 level. The next key resistance sits at $3,670,
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 $3,800 resistance, Ethereum could even climb 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 $3,580
resistance, it could start another decline. Initial support on the
downside is near the $3,410 level. The first major support is near
the $3,320 zone or the 50% Fib retracement level of the recovery
wave from the $3,059 swing low to the $3,587 high. The next key
support could be the $3,200 zone. A clear move below the $3,200
support might send the price toward $3,060. Any more losses might
send the price toward the $3,000 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 – $3,400 Major Resistance Level – $3,580
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