Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why

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The price of Ethereum is picking up speed and surpassing the $3,120 mark, which previously acted as a resistance. Ethereum may persist in its upward trend unless it records a daily closing below $3,030.

    Ethereum extended its increase above the $3,150 resistance zone.
    The price is trading above $3,150 and the 100-hourly Simple Moving Average.
    There is a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could continue to move up unless the bears push it below the $3,030 zone.

Ethereum Price Extends Increase

The cost of Ethereum began bouncing back and surpassed the $3,000 barrier, similar to Bitcoin. Notably, Ethereum also managed to exceed the resistance at $3,050 and $3,120, positioning itself in a favorable market.

The price reached a new weekly peak at $3,234 and is now stabilizing. There was a small drop below the $3,200 mark. Ether fell briefly beneath the 23.6% Fibonacci retracement line, which marks the level of potential support following the rise from the $3,120 trough to the $3,234 peak.

Ethereum is now trading above $3,150 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high.

Close by, the price encounters significant resistance around $3,210. The initial strong resistance lies around $3,235. Beyond that, at approximately $3,280, there’s a crucial resistance point. If the price manages to surpass this level, it could potentially pick up momentum and head towards $3,350.

Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why

Reaching past the $3,350 barrier might push Ethereum prices up towards the next resistance at $3,500. Should Ethereum surpass the $3,500 mark, it could attempt to challenge the $3,550 resistance level. Further progression could potentially take Ethereum towards the $3,720 resistance area in the near future.

Downside Correction In ETH?

Should Ethereum be unable to surpass the $3,235 threshold, there’s a chance it may initiate a decline. A preliminary floor for Ether can be found around $3,175. The initial substantial support lies at the $3,160 region and the trendline.

An essential level of resistance lies around $3,150, along with the 100-hour Simple Moving Average. Should the price break through this support, selling pressure could intensify, potentially pushing it down to $3,030. Any further declines might lead the price towards $2,850 in the short term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,150

Major Resistance Level – $3,235

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2024-04-23 07:16