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Home»EXCHANGE NEWS»Ethereum price falls attractively as bulls aim for a move above $4,200
EXCHANGE NEWS

Ethereum price falls attractively as bulls aim for a move above $4,200

By Crypto FlexsMarch 13, 20243 Mins Read
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Ethereum price falls attractively as bulls aim for a move above ,200
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Ethereum price is consolidating near $4,000. ETH is on the rise again as bulls appear to be targeting above the $4,200 level.

  • Ethereum traded at a new multi-month high above $4,080 before correcting lower.
  • The price is trading above $4,000 and the 100-hour simple moving average.
  • On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above the major contraction triangle with resistance at $4,025.
  • A break above the $4,085 resistance area could resume the price rise.

Ethereum price gains strength again

Ethereum price, like Bitcoin, surged above the $4,000 resistance zone. ETH traded at multi-month highs above $4,050 before a downward correction.

The price fell below the $4,000 level, but bulls remained active near $3,850. The lowest point was made at $3,830 and the price is currently rising. There was a move above the $4,000 resistance level. Price cleared the 50% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low.

Ethereum price is currently trading above $4,000 and the 100-hour simple moving average. On the hourly chart of ETH/USD, a breakout occurred above the major contraction triangle at the resistance level of $4,025.

The recent decline from the $4,088 swing high to the $3,830 low is showing positive signs above the 76.4% Fib retracement level. If the pair holds above the $4,020 level, a further hike could be attempted. Immediate upside resistance is near the $4,085 level.

Source: ETHUSD on TradingView.com

The first major resistance is near the $4,120 level. The next major resistance level is near $4,150, above which the price could gain upward momentum. If specified, Ethereum could rise to the $4,280 level. If there is a move above the $4,280 resistance, Ethereum may rise towards the $4,350 resistance. A test of $4,500 may be needed to see more profits.

Are dips limited in ETH?

If Ethereum fails to clear the resistance at $4,085, a downward correction could begin. Initial support for the downside is near the $4,020 level.

The first major support is near the $3,965 area or the 100-hourly SMA. The next major support could be the $3,880 zone. A clear move below the $3,880 support could lead the price towards $3,830. Any more losses could push the price down to the $3,740 level.

technical indicators

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

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

Key Support Level – $3,965

Key Resistance Level – $4,085

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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