ethereum price remained above the $3,400 support zone. eth is recouping losses but must clear $3,600 to continue rising in the near term.
- ethereum extended its decline and tested the $3,400 support zone.
- The price is trading above $3500 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $3,500 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it holds above the $3,500 support zone.
ethereum price points higher
ethereum price extended its decline below the $3,500 level. eth even spiked below the $3,450 support before the bulls emerged. The price traded as low as $3,408 and recently began a recovery wave, just like bitcoin.
There was a move above the $3,500 resistance zone. The price rose and tested the 50% Fibonacci retracement level of the downward move from the high of $3,726 to the low of $3,408. Additionally, there was a break above a connecting bearish trend line with resistance at $3,500 on the hourly chart of eth/USD.
ethereum is now trading near $3,500 and the 100 hourly simple moving average. The immediate resistance is near the $3,600 level or the 61.8% Fibonacci retracement level of the downward move from the high of $3,726 to the low of $3,408.
<img decoding="async" class="alignnone size-full wp-image-602615" src="https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Price-Shows-Bullish-Pattern-Why-Closing-Above-3600-Is.png" alt="ethereum Price” width=”1024″ height=”461″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Price-Shows-Bullish-Pattern-Why-Closing-Above-3600-Is.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Price-Shows-Bullish-Pattern-Why-Closing-Above-3600-Is.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Price-Shows-Bullish-Pattern-Why-Closing-Above-3600-Is.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Price-Shows-Bullish-Pattern-Why-Closing-Above-3600-Is.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Price-Shows-Bullish-Pattern-Why-Closing-Above-3600-Is.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Price-Shows-Bullish-Pattern-Why-Closing-Above-3600-Is.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Price-Shows-Bullish-Pattern-Why-Closing-Above-3600-Is.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 $3,650 level. The next key resistance lies at $3,725, above which the price could test the $3,780 level. The key hurdle could be $3,800, above which Ether could gain bullish momentum. In the indicated case, the price could rise towards the $3,880 zone. If there is a move above the $3,880 resistance, ethereum could even rally towards the $4,000 resistance.
Another drop in eth?
If ethereum fails to overcome the $3,600 resistance, it could start another decline. Initial support on the downside is near the $3,520 level.
The first major support is near the $3,500 zone. The next key support could be the $3,400 zone. A clear move below the $3,400 support could send the price towards $3,320. Any further losses could send the price towards the $3,240 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: $3,520
Main resistance level: $3,600
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.
