The cost of Ethereum is picking up speed and pushing beyond the $3,600 barrier. If Ethereum manages to surmount the resistance at $3,725, it may continue climbing upward.
- Ethereum is aiming for more gains above the $3,725 and $3,740 levels.
The price is trading above $3,650 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally if there is a close above the $3,725 resistance zone.
Ethereum Price Jumps Over 8%
The cost of Ethereum established a foundation and then rose significantly over the $3,500 barrier, similar to Bitcoin. Ethereum subsequently exceeded the $3,600 and $3,650 thresholds, entering a favorable position.
The price reached a new peak at $3,726 per week and is currently holding its ground. This level is significantly above the 23.6% Fibonacci retracement mark, which indicates potential buying levels following an upward trend from $3,224 to $3,726. The price has risen by over 8%, implying further growth possibilities.
Ethereum is trading above $3,650 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low.
Close by, Ether encounters strong resistance around $3,725. A more significant resistance lies at $3,750. Breaking through $3,800 opens up a potential path toward $3,880, which could fuel further bullishness for Ether.
If the situation at hand plays out as described, the cost of Ethereum may approach the $3,880 mark. Should Ethereum manage to break through the $3,920 barrier, it could potentially surge towards the $4,000 resistance.
Are Dips Limited In ETH?
If Ethereum is unable to surpass the $3,725 mark, there’s a risk of a price decrease. The first support zone for Ethereum in this scenario is around $3,620.
An initial significant level of resistance is found around $3,500 or the trendline. Following this, a crucial support lies at approximately $3,420. If the price falls below the $3,420 support, it may slide down to around $3,350. Any further declines could potentially push the price towards the $3,220 mark.
Technical Indicators
Hourly MACD – 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.
Major Support Level – $3,500
Major Resistance Level – $3,725
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2024-04-09 08:10