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Home»BITCOIN NEWS»Ethereum price hints at a potential new bounce. Want to buy dip?
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Ethereum price hints at a potential new bounce. Want to buy dip?

By Crypto FlexsApril 22, 20243 Mins Read
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Ethereum price hints at a potential new bounce.  Want to buy dip?
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Ethereum price is rising above the $3,120 resistance zone. ETH could start a new rally if it passes the $3,280 resistance zone.

  • Ethereum is recovering higher and approaching the $3,280 resistance zone.
  • The price is trading above $3,100 and the 100-hour simple moving average.
  • On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above two connected bearish trend lines with resistance at $3,070 and $3,150.
  • A close above the $3,250 area could provide bullish momentum.

Ethereum price gains strength again

Ethereum price formed a base above the $2,850 level and began a recovery wave like Bitcoin. ETH cleared several key hurdles near $3,000 to enter positive territory.

On the hourly chart of ETH/USD, a breakout occurred connecting two bearish trend lines with resistance at $3,070 and $3,150. The pair broke above the 50% Fib retracement level moving down from the $3,278 swing high to the $2,867 low.

Ethereum is currently trading above $3,120 and the 100-hour simple moving average. It is also consolidating above the 76.4% Fib retracement level, moving downward from the $3,278 swing high to the $2,867 low. Immediate resistance is near the $3,200 level.

The first major resistance is near the $3,250 level. The next major resistance level is $3,280, above which the price may gain traction towards the $3,350 level.

Source: ETHUSD on TradingView.com

A close above the $3,350 resistance could lead the price towards the $3,420 pivot level. Any move above the $3,420 resistance level could push Ethereum towards the $3,550 resistance level. More gains ahead could lead Ethereum towards the $3,880 resistance zone.

Another decline in ETH?

If Ethereum fails to clear the $3,250 resistance, another decline could begin. Initial support for the downside is near the $3,150 level. The first major support lies near the $3,120 area and the 100-hourly simple moving average.

A clear move below the $3,120 support could increase selling pressure and push the price towards $3,020. More losses could push the price towards the $2,965 level in the near term.

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 – $3,150

Key Resistance Level – $3,280

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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