ethereum price maintains gains above the $3,500 zone. eth could gain bullish momentum if it breaks the $3,680 resistance zone in the near term.
- ethereum retested $3,450 and is currently rising.
- The price is trading above $3500 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $3,540 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it settles above the $3,680 resistance zone.
ethereum price foresees a new increase
ethereum price started another downward correction below the $3,550 zone. eth retested the $3,450 zone before bulls such as bitcoin emerged. A low was formed near $3,459 and the price recently rose.
There was a move above the $3,520 resistance zone. The bulls pushed the price above the 50% retracement level of the downward move from the high of $3,680 to the low of $3,459. There was also a break above a key downtrend line with resistance at $3,540 on the hourly chart of eth/USD.
ethereum is now trading above $3,520 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $3,600 level. The first major resistance is near the $3,630 level. It is close to the 76.4% Fibonacci retracement level of the downside move from the high of $3,680 to the low of $3,459.
<img decoding="async" class="alignnone size-full wp-image-600274" src="https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-prepares-for-another-surge-to-4K-–-the.png" alt="ethereum Price” width=”1024″ height=”449″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-prepares-for-another-surge-to-4K-–-the.png?w=1950 1950w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-prepares-for-another-surge-to-4K-–-the.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-prepares-for-another-surge-to-4K-–-the.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-prepares-for-another-surge-to-4K-–-the.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-prepares-for-another-surge-to-4K-–-the.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-prepares-for-another-surge-to-4K-–-the.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-price-prepares-for-another-surge-to-4K-–-the.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The next key resistance lies at $3,680, above which the price could gain bullish momentum. In the indicated case, Ether could rise towards the $3,800 level. If there is a move above the $3,880 resistance, ethereum could even rally towards the $3,920 resistance. Any additional winnings could require a test of $4,000.
Another drop in eth?
If ethereum fails to overcome the $3,630 resistance, it could start another decline. Initial support on the downside is near the $3,540 level.
The first major support is near the $3,480 area. The next key support could be the $3,450 area. A clear move below the $3,450 support could send the price towards $3,325. Any further losses could send the price towards the $3,250 level.
Technical Indicators
MACD hourly – 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.
Main Support Level: $3,450
Main Resistance Level: $3,680
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.
