Ethereum Price Key Indicators Suggest A Strengthening Case For Surge To $3,800
03 Marzo 2024 - 10:53PM
NEWSBTC
Ethereum price is consolidating gains above $3,400. ETH is showing
positive signs and might soon aim for a move above the $3,500
resistance zone. Ethereum is holding gains and consolidating below
the $3,500 resistance zone. The price is trading above $3,400 and
the 100-hourly Simple Moving Average. There is a key bullish trend
line forming with support at $3,420 on the hourly chart of ETH/USD
(data feed via Kraken). The pair seems to be setting up for a move
toward the $3,650 and $3,800 levels. Ethereum Price Remains
Supported Ethereum price formed a base above the $3,350 level and
started another increase, like Bitcoin. ETH broke the $3,400 level
to set the pace for more upsides. There was a clear move above the
50% Fib retracement level of the downside correction from the
$3,519 swing high to the $3,305 low. The bulls are now active above
the $3,420 level. There is also a key bullish trend line forming
with support at $3,420 on the hourly chart of ETH/USD. Ethereum is
now trading above $3,450 and the 100-hourly Simple Moving Average.
It is showing positive signs above the 76.4% Fib retracement level
of the downside correction from the $3,519 swing high to the $3,305
low. Immediate resistance on the upside is near the $3,500 level.
The first major resistance is near the $3,520 level. The next major
resistance is near $3,550, above which the price might gain bullish
momentum. The next stop for the bulls could be near the
$3,650 level. Source: ETHUSD on TradingView.com If there is a move
above the $3,650 resistance, Ether could even rally toward the
$3,720 resistance. Any more gains might call for a test of $3,800.
Are Dips Supported In ETH? If Ethereum fails to clear the $3,520
resistance, it could start a downside correction. Initial support
on the downside is near the $3,420 level and the trend line. The
first major support is near the $3,400 zone or the 100 hourly SMA.
The next key support could be the $3,350 zone. A clear move below
the $3,350 support might send the price toward $3,320. Any more
losses might send the price toward the $3,150 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 – $3,400 Major Resistance Level –
$3,520
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