Ethereum‘s price is holding steady above the $3,450 mark, acting as a supportive foundation for now. However, for Ethereum to initiate further growth, it needs to surpass the resistance levels at $3,560 and $3,620 in the short term.
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Ethereum is trading in a range above the $3,450 support zone.
The price is trading above $3,500 and the 100-hourly Simple Moving Average.
There is a new connecting bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it stays above the $3,420 support zone.
Ethereum Price Eyes Upside Break
The cost of Ethereum made another attempt to rise past the $3,550 barrier, and it succeeded in reaching over $3,600. However, just like Bitcoin, the advancement was capped. A peak price of $3,614 was reached before the value retreated from these gains.
The price dipped below $3,500 and reached a low of $3,476. However, it has since bounced back and is now climbing above $3,500 once more. We also observed an advance beyond the 23.6% Fibonacci retracement mark in the recent downward trend from the peak of $3,614 to the trough of $3,476.
The price of Ethereum has risen above $3,500 and the 100-hour moving average. Up next, Ethereum may face resistance at around $3,550 or the 50% mark of its recent drop from $3,614 peak to $3,476 low. Furthermore, a new bearish trendline is emerging on the hourly chart for ETH/USD, with resistance at $3,550.
The Ether price encounters its first significant resistance around $3,620. Following this, at $3,650 lies the next notable resistance. Overcoming this resistance may lead the price to attempt testing the $3,720 mark. A major obstacle could be present at $3,750, surpassing which would give Ethereum the potential for a strong uptrend. In such a scenario, the price could advance towards the $3,820 region. Should the price breach the resistance at $3,820, Ethereum might aim even higher, targeting the $4,000 resistance level.
Another Rejection In ETH?
Should Ethereum be unable to surpass the $3,550 barrier, there’s a risk of another price drop. The minimum support lies around $3,500.
The price may find its initial significant resistance around $3,475. If it falls further, the $3,420 mark could act as the next support. A decisive drop below the $3,420 support might push the price down to $3,320. Any additional declines could potentially lead the price to the $3,240 region.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,475
Major Resistance Level – $3,550
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2024-04-12 07:34