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Home»EXCHANGE NEWS»Ethereum price faces a major test. Can ETH overcome this obstacle to start a rally?
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Ethereum price faces a major test. Can ETH overcome this obstacle to start a rally?

By Crypto FlexsApril 12, 20243 Mins Read
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Ethereum price faces a major test.  Can ETH overcome this obstacle to start a rally?
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Ethereum price is consolidating above the $3,450 support area. In the near term, ETH would need to clear $3,560 and $3,620 to start a new increase.

  • Ethereum is trading in a range above the $3,450 support area.
  • The price is trading above $3,500 and the 100-hour simple moving average.
  • There is a new connecting bearish trendline forming with resistance at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
  • A stay above the $3,420 support area could provide bullish momentum.

Ethereum price rise reverses

Ethereum price attempted another rally above the $3,550 resistance level. ETH rose above $3,600, but like Bitcoin, the upside was limited. The highest price was reached at $3,614 before the price began to rise.

It fell below $3,500 to $3,476. The price has recovered again and is moving above $3,500. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,614 swing high to the $3,476 low.

Ethereum is currently trading above $3,500 and the 100-hour simple moving average. Immediate resistance is near the $3,550 level or the 50% Fib retracement level of the recent decline from the $3,614 swing high to the $3,476 low. Additionally, on the hourly chart of ETH/USD, there is a new connecting bearish trendline forming resistance at $3,550.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,620 level. The next major resistance is $3,650, above which the $3,720 level could be tested. The major hurdle could be $3,750, above which Ethereum could show strength. If stated, the price could rise to the $3,820 region. If there is a move above the $3,820 resistance level, Ethereum may rise to the $4,000 resistance level.

Another rejection by ETH?

If Ethereum fails to clear the $3,550 resistance, another decline could begin. Initial support for the downside is near the $3,500 level.

The first major support is near the $3,475 area. The next major support could be the $3,420 zone. A clear move below the $3,420 support could lead the price towards $3,320. Any more losses could push the price down to the $3,240 level.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

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

Key Support Level – $3,475

Key Resistance Level – $3,550

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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