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Home»EXCHANGE NEWS»Ethereum price consolidates as bulls aim for surge above $4K.
EXCHANGE NEWS

Ethereum price consolidates as bulls aim for surge above $4K.

By Crypto FlexsMarch 7, 20243 Mins Read
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Ethereum price consolidates as bulls aim for surge above K.
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Ethereum price expanded its rise to $3,900. ETH is now consolidating gains and could target a move above the $4,000 resistance.

  • Ethereum traded at a new multi-month high above $3,880.
  • The price is trading above $3,700 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a short-term bullish flag pattern with resistance forming at $3,850.
  • A break above the $3,850 resistance area could resume the advance.

Ethereum Price Aims Higher

Ethereum price, like Bitcoin, continued its upward trend above the $3,750 level. BTC failed to extend its gains above the $69,200 area, but ETH cleared the $3,850 level.

It traded at new multi-month highs above $3,880 and recently began a consolidation phase. There was a decline below the $3,800 level. The price tested the 23.6% Fib retracement level of the recent wave from the $3,211 low to the $3,898 high.

Ethereum is currently trading above $3,700 and the 100-hour simple moving average. Immediate upside resistance is near the $3,850 level. There is also a short-term bullish flag pattern on the hourly chart of ETH/USD with resistance forming at $3,850.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,880 level. The next major resistance level is near $3,920, above which the price could gain upward momentum. The next stop for the bulls could be near the $4,000 level. If there is a move above the $4,000 resistance, Ethereum may rebound towards the $4,080 resistance. A test of $4,120 may be needed for further gains.

Another drop in ETH?

If Ethereum fails to clear the $3,850 resistance, another downward correction could begin. Initial support for the downside is near the $3,740 level.

The first major support is near the $3,650 area. The next major support could be the $3,550 zone or the 50% Fib retracement level of the recent wave from the $3,211 swing low to the $3,898 high. A clear move below the $3,550 support could lead the price towards $3,400. Any more losses could push the price down to the $3,320 level.

technical indicators

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

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Key Support Level – $3,650

Key Resistance Level – $3,850

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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