Ethereum Price Prints Bullish Pattern, Why Close Above $3,600 Is Critical

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Ethereum‘s price held strong above the $3,400 mark as a floor. For Ethereum to advance further in the short term, it needs to surpass the $3,600 resistance level first.

    Ethereum extended its decline and tested the $3,400 support zone.
    The price is trading above $3,500 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 feed via Kraken).
    The pair could gain bullish momentum if it stays above the $3,500 support zone.

Ethereum Price Aims Higher

The price of Ethereum dropped beneath $3,500, dipping as low as $3,408 before support from buyers emerged. This decline came with a sudden dip below the $3,450 mark, but Ethereum has since begun to rebound, mirroring Bitcoin‘s recovery trend.

An upward push occurred beyond the $3,500 barrier, which previously acted as resistance for Ethereum against the US Dollar. The price surged and reached the 50% Fibonacci retracement level of the previous downward trend from the $3,726 peak to $3,408 low. Additionally, there was a breach above a bearish trendline with a resistance at $3,500 on the hourly Ethereum-US Dollar chart.

The price of Ethereum is currently hovering around $3,500 and its 100-hour moving average. Should it attempt to rise further, it will encounter resistance around $3,600 or the 61.8% mark of the recent downtrend from the peak of $3,726 to the trough of $3,408.

Ethereum Price Prints Bullish Pattern, Why Close Above $3,600 Is Critical

The initial significant barrier to advancement is around $3,650. Following this, the price may encounter resistance at $3,725, surmounting which could lead the price to challenge $3,780. A notable obstacle lies at $3,800, clearing which might fuel a bullish trend for Ether. Consequently, if the price manages to breach the $3,880 barrier, Ethereum could potentially reach higher resistances around $4,000.

Another Decline In ETH?

Should Ethereum be unable to surpass the $3,600 mark of resistance, there’s a possibility for another drop. A supportive floor can be found around $3,520 in case of a decline.

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 might send the price toward $3,320. Any more losses might send the price toward the $3,240 level.

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 – $3,520

Major Resistance Level – $3,600

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2024-04-11 07:34