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Home»EXCHANGE NEWS»Ethereum Price Is Supporting – Why ETH Could Rise 5% Soon
EXCHANGE NEWS

Ethereum Price Is Supporting – Why ETH Could Rise 5% Soon

By Crypto FlexsApril 24, 20243 Mins Read
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Ethereum Price Is Supporting – Why ETH Could Rise 5% Soon
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Ethereum price continues its upward trend above the $3,120 resistance zone. ETH could rise soon if it breaks out of the $3,280 resistance area.

  • Ethereum extended its gains above the $3,220 resistance zone.
  • The price is trading above $3,165 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline forming around support at $3,170.
  • A break above the $3,280 resistance area could see the pair continue to rise.

Ethereum Price Aims Higher

The price of Ethereum, like Bitcoin, remained in the positive area above the $3,000 level. ETH extended its gains above the $3,150 and $3,165 resistance levels. It even surged above the $3,250 resistance level.

It traded at a new weekly high of $3,263 and recently corrected to the downside. It fell slightly below the $3,220 level. Ethereum fell below the 50% Fib retracement level of the recent wave from the $3,154 swing low to the $3,263 high.

However, bulls remained active above the $3,200 level. The 61.8% Fib retracement level from the recent swing low of $3,154 to the high of $3,263 acted as support.

Ethereum is currently trading above $3,200 and the 100-hour simple moving average. Additionally, there is a major bullish trendline on the hourly chart of ETH/USD with support at $3,170. Immediate resistance is near the $3,250 level. The first major resistance is near the $3,280 level.

Source: ETHUSD on TradingView.com

The next major resistance level is $3,350, above which the price may gain traction towards the $3,500 level. A close above the $3,500 resistance line could cause the price to head towards the $3,550 resistance line. Ethereum may test the $3,750 resistance level if there is a move above the $3,550 resistance level. More gains ahead could lead Ethereum towards the $3,880 resistance zone.

ETH falling again?

If Ethereum fails to clear the resistance at $3,280, a downward correction could begin. Initial support for the downside is near the $3,200 level. The first major support is near the $3,180 area and trend line.

Key support is near the $3,120 level. A clear drop below the $3,120 support could increase selling pressure and push the price towards $3,030. More losses could push the price towards the $2,850 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 – $3,120

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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