ethereum price is indicating positive moves above the $3,550 zone. eth could gain bullish momentum if it breaks the $3,650 resistance zone in the near term.
- ethereum started another rise from the $3,500 support zone.
- The price is trading above $3,550 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $3,550 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it settles above the $3,650 resistance zone.
ethereum Price Could Accelerate Further
ethereum price remained strong above the $3,500 zone. eth formed a base and recently started a new rise above the $3,600 resistance zone, like bitcoin.
However, the bears are still active near the $3,650 and $3,680 resistance levels. A high was formed near $3,654 and the price is now consolidating gains. It moved a few points down and traded below the 23.6% Fibonacci retracement level of the upward move from the low of $3,491 to the high of $3,654.
ethereum is still trading above $3,550 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $3,550 on the hourly chart of eth/USD. The trend line is near the 61.8% Fibonacci retracement level of the upward move from the low of $3,491 to the high of $3,654.
<img decoding="async" class="alignnone size-full wp-image-600656" src="https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum.png?resize=1024%2C461″ alt=”ethereum Price” width=”1024″ height=”461″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum.png?resize=1024%2C461?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
On the upside, immediate resistance is near the $3,630 level. The first major resistance is near the $3,650 level. 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 $3,800 resistance, ethereum could even rally towards the $3,880 resistance. Any additional winnings could require a test of $4,000.
Are drops in eth limited?
If ethereum fails to overcome the $3,650 resistance, it could start another decline. Initial support on the downside is near the $3,600 level.
The first major support is near the $3,575 area. The next key support could be the $3,550 area and the trend line. A clear move below the $3,550 support could send the price towards $3,440. Any further losses could send the price towards the $3,320 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: $3,550
Main Resistance Level: $3,650
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