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Home»EXCHANGE NEWS»Ethereum price reversal signal and $3,400 imminent, here’s why.
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Ethereum price reversal signal and $3,400 imminent, here’s why.

By Crypto FlexsApril 23, 20243 Mins Read
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Ethereum price reversal signal and ,400 imminent, here’s why.
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Ethereum price is rising above the $3,120 resistance level. ETH may continue to rise as long as the daily closing price does not fall below the $3,030 level.

  • Ethereum extended its gains above the $3,150 resistance zone.
  • The price is trading above $3,150 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $3,160.
  • Unless bears push it below the $3,030 area, the pair may continue to rise.

Ethereum price increase extended

Ethereum price started a recovery wave and was able to clear the $3,000 resistance like Bitcoin. ETH also crossed the resistance levels of $3,050 and $3,120 and entered positive territory.

It traded at a new weekly high of $3,234 and is currently consolidating gains. It fell slightly below the $3,200 level. Ethereum recently fell below the 23.6% Fib retracement level from the $3,120 swing low to the $3,234 high.

Ethereum is currently trading above $3,150 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trendline with support at $3,160. The trend line is close to the 61.8% Fib retracement level, which recently increased from the $3,120 swing low to the $3,234 high.

Immediate resistance is near the $3,210 level. The first major resistance is near the $3,235 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 line could cause the price to head towards the $3,500 resistance line. Ethereum may test the $3,550 resistance level if there is a move above the $3,500 resistance level. More gains could lead Ethereum towards the $3,720 resistance zone in the coming days.

Fixing ETH’s shortcomings?

If Ethereum fails to clear the resistance at $3,235, a downward correction could begin. Initial support for the downside is near the $3,175 level. The first major support is near the $3,160 area and trendline.

Key supports are near the $3,150 level and the 100-hourly simple moving average. A clear drop below the $3,150 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 losing momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is currently below the 50 level.

Key Support Level – $3,150

Key Resistance Level – $3,235

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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