Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How
26 Março 2024 - 11:28PM
NEWSBTC
Ethereum price is showing positive signs above the $3,550 zone. ETH
must clear the $3,680 resistance to continue higher in the near
term. Ethereum started another increase above the $3,550 resistance
zone. The price is trading above $3,550 and the 100-hourly Simple
Moving Average. There is a major bullish trend line forming with
support at $3,590 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could continue to rise if it settles above the
$3,680 resistance zone. Ethereum Price Remains In Uptrend Ethereum
price started another increase above the $3,500 resistance zone.
ETH bulls were able to push the price in a positive zone above the
$3,580 level, like Bitcoin. ETH climbed above the $3,650 resistance
zone. A high was formed at $3,680 before the price started a
downside correction. There was a minor decline below the $3,600
level. The price declined below the 23.6% Fib retracement level of
the upward move from the $3,302 swing low to the $3,680 high.
Ethereum is now trading above $3,580 and the 100-hourly Simple
Moving Average. There is also a major bullish trend line forming
with support at $3,590 on the hourly chart of ETH/USD. Source:
ETHUSD on TradingView.com On the upside, immediate resistance is
near the $3,640 level. The first major resistance is near the
$3,680 level. The next key resistance sits at $3,720, 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 $3,880
resistance. Any more gains might call for a test of $4,000. Are
Dips Supported In ETH? If Ethereum fails to clear the $3,640
resistance, it could start another decline. Initial support on the
downside is near the $3,590 level and the trend line. The first
major support is near the $3,550 zone. The next key support could
be the $3,500 zone or the 50% Fib retracement level of the upward
move from the $3,302 swing low to the $3,680 high. A clear move
below the $3,500 support might send the price toward $3,390. 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 – $3,590 Major Resistance Level –
$3,680
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