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Home»BITCOIN NEWS»Ethereum Price Consolidation Begins – Why Pullbacks Might Be Limited
BITCOIN NEWS

Ethereum Price Consolidation Begins – Why Pullbacks Might Be Limited

By Crypto FlexsMarch 11, 20243 Mins Read
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Ethereum Price Consolidation Begins – Why Pullbacks Might Be Limited
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Ethereum price is still struggling to break the $4,000 resistance zone. ETH may consolidate above $3,600 for some time before the strength strengthens.

  • Ethereum traded at a new multi-month high above $3,980.
  • The price is trading near $3,850 and the 100-hourly simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a short-term breakout pattern forming with resistance at $3,950.
  • A break above the $3,950 resistance area could resume the advance.

Ethereum price revisits $4K

Ethereum price, like Bitcoin, continued its upward trend above the $3,900 level. ETH broke the $3,950 level and was trading near the $4,000 resistance zone. It traded at a new multi-month high above $3,990 and recently began a consolidation phase.

There was a decline below the $3,920 level. The price tested the 23.6% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. Ethereum price is currently consolidating near $3,850 and the 100-hourly simple moving average.

There is also a short-term breakout pattern on the hourly chart of ETH/USD with resistance forming at $3,950. If the pair holds above the $3,800 level, a further hike could be attempted. Immediate upside resistance is near the $3,900 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,940 level. The next major resistance is near $4,000, above which the price could gain upward momentum. If specified, Ethereum could rise to the $4,120 level. If there is a move above the $4,120 resistance level, Ethereum may rise towards the $4,220 resistance level. A test of $4,350 may be needed for further gains.

Are dips limited in ETH?

If Ethereum fails to clear the $3,950 resistance, another downward correction could begin. Initial support for the downside is near the $3,800 level.

The first major support is near the $3,600 area or the 50% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. The next major support could be the $3,400 zone. A clear move below the $3,400 support could lead the price towards $3,250. Any more losses could push the price down to the $3,120 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 below the 50 level.

Key Support Level – $3,800

Key Resistance Level – $3,950

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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