ethereum price is breaking above the $3,550 resistance. eth is following bitcoin and could soon rally towards the $4,000 resistance zone.
- ethereum is gaining pace above the $3,550 resistance zone.
- The price is trading above $3,650 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,600 on the hourly chart of eth/USD (data feed via Kraken).
- The pair seems to be preparing for a move towards the $3,850 and $4,000 levels.
ethereum price begins new rise
ethereum price extended its rally above the $3,500 level, as did bitcoin. btc rose and even surpassed the $68,000 level. eth is showing signs of strength and breaking above the $3,650 level.
There was a clear move above the $3,700 level. A new multi-month high forms at $3,715 and the price is now consolidating gains. It is trading above the 23.6% Fibonacci retracement level of the upward move from the low of $3.465 to the high of $3.715.
ethereum is now trading above $3,650 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $3,600 on the hourly chart of eth/USD. The trend line is near the 50% Fibonacci retracement level of the upward move from the low of $3,465 to the high of $3,715.
The immediate resistance on the upside is near the $3,720 level. The first major resistance is near the $3,780 level. The next major resistance is near $3,850, above which the price could gain bullish momentum. The next stop for the bulls could be near the $3,920 level.
<img decoding="async" class="alignnone size-full wp-image-596272" src="https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-follows-Bitcoin-surge-why-4000-is-just-a.png" alt="ethereum Price” width=”1024″ height=”461″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-follows-Bitcoin-surge-why-4000-is-just-a.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-follows-Bitcoin-surge-why-4000-is-just-a.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-follows-Bitcoin-surge-why-4000-is-just-a.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-follows-Bitcoin-surge-why-4000-is-just-a.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-follows-Bitcoin-surge-why-4000-is-just-a.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-follows-Bitcoin-surge-why-4000-is-just-a.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-follows-Bitcoin-surge-why-4000-is-just-a.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
If there is a move above the $3,920 resistance, Ether could even rally towards the $4,000 resistance. Any additional winnings could require a test of $4,200.
Downward correction in eth?
If ethereum fails to overcome the $3,720 resistance, it could start a downward correction. Initial support on the downside is near the $3,650 level.
The first major support is near the $3,600 zone and the trend line. The next key support could be the $3,550 area. A clear move below the $3,550 support could send the price towards $3,420. Any further losses could send the price towards the $3,350 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: $3,600
Main Resistance Level: $3,720
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.
