Ethereum Price Stays Bullish As Indicators Point To Fresh Upside

Ethereum‘s price is indicating potential growth beyond the $3,550 mark. If Ethereum manages to surpass the $3,650 resistance level in the upcoming period, its value could experience a significant upward trend.

    Ethereum started another increase from the $3,500 support zone.
    The price is trading above $3,550 and the 100-hourly Simple Moving Average.
    There is a key bullish trend line forming with support at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could gain bullish momentum if it settles above the $3,650 resistance zone.

Ethereum Price Could Accelerate Higher

The price of Ethereum held steady above the $3,500 mark. Subsequently, Ethereum established a foundation and has more recently surged past the $3,600 resistance level, much like Bitcoin.

Despite reaching new highs near $3,650 and $3,680, the bears remain vigilant. A peak was touched at $3,654, followed by a pause in advancement as prices regroup. The value dipped slightly and fell short of the 23.6% Fibonacci retracement mark of the rally from the $3,491 trough to $3,654 highpoint.

The price of Ethereum hovers above $3,550 and the 100-hour moving average. A significant bullish trend line is emerging on ETH/USD’s hourly chart, providing support at $3,550. This trend line is not far off from the 61.8% Fibonacci retracement level of the price surge from $3,491 to $3,654.

Ethereum Price Stays Bullish As Indicators Point To Fresh Upside

Ether’s price is currently facing resistance at the $3,630 mark. The first significant resistance level lies around $3,650. If the price manages to break through this barrier, it may surge towards $3,800. A leap above $3,800 could potentially lead Ethereum to reach $3,880. Should the price continue to climb, a challenge at $4,000 might be on the horizon.

Are Dips Limited In ETH?

If Ethereum is unable to surpass the $3,650 resistance, there’s a risk of another price drop. The bottom support can be found around $3,600.

Supporting the price first at around $3,575, the next significant protection lies at approximately $3,550 and the trendline. A noticeable drop beneath the $3,550 barrier could potentially push the price down to $3,440. Further declines might result in a fall towards $3,320.

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 above the 50 level.

Major Support Level – $3,550

Major Resistance Level – $3,650

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2024-04-01 07:16