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Home»EXCHANGE NEWS»Ethereum price signals a continuation of its upward trend, but can the bulls erase it?
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Ethereum price signals a continuation of its upward trend, but can the bulls erase it?

By Crypto FlexsMarch 30, 20243 Mins Read
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Ethereum price signals a continuation of its upward trend, but can the bulls erase it?
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Ethereum price is attempting to recover beyond the $3,500 area. For ETH to continue rising in the near term, the resistance at $3,580 needs to be cleared.

  • Ethereum began a significant recovery above the $3,350 area.
  • The price is trading above $3,450 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a short-term bullish flag pattern with resistance at $3,480.
  • If it settles above the $3,580 resistance zone, it could continue to rise.

Ethereum price maintains support

Ethereum price, like Bitcoin, began a significant uptrend above the $3,250 and $3,350 resistance levels. ETH crossed the $3,500 resistance and moved into positive territory.

A high was reached at $3,587 and there was a slight decline. The price dipped below the $3,500 level and surged below the 23.6% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. However, bulls are active near $3,400.

Recently, on the hourly chart of ETH/USD, there was a break above a short-term bullish flag pattern with resistance at $3,480. Ethereum price is currently trading above $3,500 and the 100-hour simple moving average.

Source: ETHUSD on TradingView.com

On the other hand, immediate resistance is close to the $3,550 level. The first major resistance is near the $3,580 level. The next major resistance level is $3,670, 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 $4,000 resistance level. A test of $4,080 may be needed for further gains.

Another decline in ETH?

If Ethereum fails to clear the $3,580 resistance, another decline could begin. Initial support for the downside is near the $3,410 level.

The first major support is near the $3,320 zone or the 50% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. The next major support could be the $3,200 zone. A clear move below the $3,200 support could lead the price towards $3,060. Any more losses could push the price down to the $3,000 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 – $3,580

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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