ethereum price is consolidating near the $4,000 zone. eth is rising again as bulls appear to be targeting a move above the $4,200 level.
- ethereum traded to a new multi-month high above $4,080 before correcting lower.
- The price is trading above $4,000 and the 100 hourly simple moving average.
- There was a break above a key contraction triangle with resistance at $4,025 on the hourly chart of eth/USD (data via Kraken).
- The pair could resume its rise if it breaks the $4,085 resistance zone.
ethereum price regains strength
ethereum price skyrocketed above the $4,000 resistance zone, as did bitcoin. eth traded to a new multi-month high above $4,050 before there was a downward correction.
The price fell below the $4,000 level, but the bulls were active near the $3,850 zone. A low was formed at $3,830 and the price is now rising. There was a move above the $4,000 resistance. The price surpassed the 50% Fibonacci retracement level of the recent decline from the high of $4,088 to the low of $3,830.
ethereum price is now trading above $4,000 and the 100 hourly simple moving average. There was a break above a key contraction triangle with resistance at $4,025 on the hourly chart of eth/USD.
It is now showing positive signs above the 76.4% Fibonacci retracement level of the recent decline from the high of $4,088 to the low of $3,830. If the pair holds above the $4,020 level, it could attempt another rise. The immediate resistance on the upside is near the $4,085 level.
<img decoding="async" class="alignnone size-full wp-image-597557" src="https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Falls-Attractively-as-Bulls-Aim-to-Break-Above.png" alt="ethereum Price” width=”1024″ height=”461″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Falls-Attractively-as-Bulls-Aim-to-Break-Above.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Falls-Attractively-as-Bulls-Aim-to-Break-Above.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Falls-Attractively-as-Bulls-Aim-to-Break-Above.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Falls-Attractively-as-Bulls-Aim-to-Break-Above.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Falls-Attractively-as-Bulls-Aim-to-Break-Above.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Falls-Attractively-as-Bulls-Aim-to-Break-Above.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Falls-Attractively-as-Bulls-Aim-to-Break-Above.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The first major resistance is near the $4,120 level. The next major resistance is near $4,150, above which the price could gain bullish momentum. In the indicated case, Ether could rise towards the $4,280 level. If there is a move above the $4,280 resistance, ethereum could even rally towards the $4,350 resistance. Any additional winnings could require a test of $4,500.
Are drops in eth limited?
If ethereum fails to overcome the $4,085 resistance, it could start a downward correction. Initial support on the downside is near the $4,020 level.
The first major support is near the $3,965 zone or 100-hour SMA. The next key support could be the $3,880 area. A clear move below the $3,880 support could send the price towards $3,830. Any further losses could send the price towards the $3,740 level.
Technical Indicators
MACD hourly – 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.
Main Support Level: $3,965
Main Resistance Level: $4,085
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
