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Home»EXCHANGE NEWS»Ethereum price rises 10%, closing above $3,550 is key
EXCHANGE NEWS

Ethereum price rises 10%, closing above $3,550 is key

By Crypto FlexsMarch 21, 20243 Mins Read
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Ethereum price rises 10%, closing above ,550 is key
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Ethereum price began a recovery in the $3,050 region. ETH is up over 10% and is currently struggling to break the $3,550 resistance area.

  • Ethereum began a significant recovery in the $3,050 region.
  • The price is trading above $3,350 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance at $3,400.
  • If it settles above the $3,550 resistance zone, it could continue to rise.

Ethereum price begins to recover

Ethereum price, like Bitcoin, expanded its decline below the $3,350 and $3,200 levels. ETH also dipped below the $3,150 support level before beginning an upward trend. Tested the $3,050 zone.

The lowest point was made at $3,059 and the price is rising. A strong recovery wave emerged above the $3,350 resistance. Price cleared the 50% Fib retracement level of the bearish wave from the $3,675 swing high to the $3,059 low.

Additionally, on the hourly chart of ETH/USD, a breakout occurred above the main bearish trend line with resistance at $3,400. Ethereum price is currently trading above $3,400 and the 100-hour simple moving average.

On the upside, immediate resistance lies near the $3,520 level or the 76.4% Fib retracement level of the bearish wave from the $3,675 swing high to the $3,059 low. The first major resistance is near the $3,550 level. The next major resistance level is $3,675, above which the price could gain upward momentum.

Source: ETHUSD on TradingView.com

If specified, Ethereum could rise to the $3,820 level. If there is a move above the $3,820 resistance, Ethereum may rise to the $4,000 resistance. A test of $4,080 may be needed for further gains.

Another drop in ETH?

If Ethereum fails to clear the $3,550 resistance, another decline could begin. Initial support for the downside is near the $3,380 level.

The first major support is near the $3,320 area. The next major support could be the $3,220 zone. A clear move below the $3,220 support could lead the price towards $3,150. Any more losses could push the price down to the $3,050 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 – $3,380

Key Resistance Level – $3,550

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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