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Home»EXCHANGE NEWS»Ethereum price key indicators suggest a strengthening case for a surge to $3,800.
EXCHANGE NEWS

Ethereum price key indicators suggest a strengthening case for a surge to $3,800.

By Crypto FlexsMarch 4, 20243 Mins Read
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Ethereum price key indicators suggest a strengthening case for a surge to ,800.
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Ethereum price is consolidating gains above $3,400. ETH is showing positive signs and may aim to move above the $3,500 resistance zone soon.

  • Ethereum continues its upward trend and is consolidating below the $3,500 resistance zone.
  • The price is trading above $3,400 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $3,420.
  • The pair appears to be preparing for a move towards the $3,650 and $3,800 levels.

Ethereum price remains supported

Ethereum price formed a base above the $3,350 level and began another rally like Bitcoin. ETH broke the $3,400 level to set the pace for further upside.

There was a clear move above the 50% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low. The bulls are now active above the $3,420 level. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $3,420.

Ethereum is currently trading above $3,450 and the 100-hour simple moving average. The $3,519 swing high to the $3,305 low is showing positive signs above the 76.4% Fib retracement level of the downside correction.

Immediate upward resistance is near the $3,500 level. The first major resistance is near the $3,520 level. The next major resistance level is near $3,550, above which the price could gain upward momentum. The next stop for the bulls could be near the $3,650 level.

Source: ETHUSD on TradingView.com

In case of a move above the $3,650 resistance, Ethereum may rebound towards the $3,720 resistance. A test of $3,800 may be needed for further gains.

Are dips supported on ETH?

If Ethereum fails to clear the resistance at $3,520, a downward correction could begin. Initial support for the downside is near the $3,420 level and trend line.

The first major support is near the $3,400 area or the 100-hourly SMA. The next major support could be the $3,350 zone. A clear move below the $3,350 support could lead the price towards $3,320. Any more losses could push the price down to the $3,150 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 – $3,400

Key Resistance Level – $3,520

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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