Ethereum Price Could Regain Strength If It Clears This Key Hurdle
March 25 2024 - 12:12AM
NEWSBTC
Ethereum price is attempting a fresh increase wave above the $3,400
zone. ETH must clear the $3,580 resistance to continue higher in
the near term. Ethereum is holding gains above the $3,250 support
zone. The price is trading above $3,400 and the 100-hourly Simple
Moving Average. There was a break above a key 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 $3,500 resistance zone. Ethereum Price Eyes Fresh Increase
Ethereum price remained stable above the $3,250 support zone. ETH
formed a base and started a fresh increase above the $3,350
resistance level, like Bitcoin. ETH climbed above the $3,400
resistance zone. There was a move above the 50% Fib retracement
level of the downward move from the $3,587 swing high to the $3,250
low. There was a break above a key bearish trend line with
resistance at $3,400 on the hourly chart of ETH/USD. Ethereum is
now trading above $3,400 and the 100-hourly Simple Moving Average.
On the upside, immediate resistance is near the $3,500 level. It is
near the 76.4% Fib retracement level of the downward move from the
$3,587 swing high to the $3,250 low. Source: ETHUSD on
TradingView.com The first major resistance is near the $3,550
level. The next key resistance sits at $3,580, above which the
price might gain bullish momentum. In the stated case, Ether could
rally toward the $3,720 level. If there is a move above the $3,720
resistance, Ethereum could even climb toward the $3,880 resistance.
Any more gains might call for a test of $4,000. Another Decline In
ETH? If Ethereum fails to clear the $3,500 resistance, it could
start another decline. Initial support on the downside is near the
$3,400 level. The first major support is near the $3,250 zone. The
next key support could be the $3,060 zone. A clear move below the
$3,060 support might send the price toward $3,000. Any more losses
might send the price toward the $2,880 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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