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Home»EXCHANGE NEWS»Ethereum price remains strong as indicators point to a new uptrend.
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Ethereum price remains strong as indicators point to a new uptrend.

By Crypto FlexsApril 1, 20243 Mins Read
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Ethereum price remains strong as indicators point to a new uptrend.
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Ethereum price is showing positive movement above the $3,550 area. ETH could gain bullish momentum if it breaks out of the $3,650 resistance area in the near term.

  • Ethereum started another increase near the $3,500 support area.
  • The price is trading above $3,550 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 $3,550.
  • If it settles above the $3,650 resistance zone, it could gain bullish momentum.

Ethereum price could rise higher

Ethereum price remained strong above $3,500. ETH has formed a base and, like Bitcoin, recently broke above the $3,600 resistance area and started a new rally.

However, the bears are still active near the $3,650 and $3,680 resistance levels. The highest price was reached around $3,654 and the price is currently on an upward trend. It fell a few points and traded below the 23.6% Fib retracement level, rising from the $3,491 swing low to the $3,654 high.

Ethereum is still trading above $3,550 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $3,550. The trend line is close to the 61.8% Fib retracement level rising from the $3,491 swing low to the $3,654 high.

Source: ETHUSD on TradingView.com

Meanwhile, immediate resistance is close to the $3,630 level. The first major resistance is near the $3,650 level. The next major resistance level is $3,680, above which the price could gain upward momentum. If specified, Ethereum could rise to the $3,800 level. If there is a move above the $3,800 resistance level, Ethereum may head towards the $3,880 resistance level. You may need to test $4,000 to get more profits.

Are dips limited in ETH?

If Ethereum fails to clear the $3,650 resistance, it could begin another downtrend. Initial support for the downside is near the $3,600 level.

The first major support is near the $3,575 area. The next major support could be the $3,550 zone and the trend line. A clear move below the $3,550 support could lead the price towards $3,440. Any more losses could push the price down to the $3,320 level.

technical indicators

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

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

Key Support Level – $3,550

Key Resistance Level – $3,650

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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