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Home»EXCHANGE NEWS»Removing this major obstacle could see Ethereum price rally again.
EXCHANGE NEWS

Removing this major obstacle could see Ethereum price rally again.

By Crypto FlexsMarch 29, 20243 Mins Read
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Removing this major obstacle could see Ethereum price rally again.
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Ethereum price is attempting a new uptrend beyond the $3,400 area. For ETH to continue rising in the near term, the resistance at $3,580 needs to be cleared.

  • Ethereum is holding gains above the $3,250 support zone.
  • The price is trading above $3,400 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 $3,500 resistance zone, it could continue to rise.

Ethereum Price Eyes Fresh Increase

Ethereum price remained stable above the $3,250 support zone. ETH formed a base and, like Bitcoin, began a new rise above the $3,350 resistance level.

ETH broke above the $3,400 resistance zone. There was a move above the 50% Fib retracement level, moving downward from the $3,587 swing high to the $3,250 low. On the hourly chart of ETH/USD, a major bearish trend line has been broken with resistance at $3,400.

Ethereum is currently trading above $3,400 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $3,500 level. It is close to the 76.4% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,550 level. The next major resistance level is $3,580, above which the price may gain upward momentum. If specified, Ethereum could rise to the $3,720 level. Any move above the $3,720 resistance level could push Ethereum towards the $3,880 resistance level. You may need to test $4,000 to get more profits.

Another decline in ETH?

If Ethereum fails to clear the $3,500 resistance, another decline could begin. Initial support for the downside is near the $3,400 level.

The first major support is near the $3,250 area. The next major support could be the $3,060 zone. A clear move below the $3,060 support could point the price towards $3,000. Any more losses could push the price down to the $2,880 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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