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Home»EXCHANGE NEWS»There could be another opportunity for the Ethereum price to show strength: Here’s how.
EXCHANGE NEWS

There could be another opportunity for the Ethereum price to show strength: Here’s how.

By Crypto FlexsMarch 28, 20243 Mins Read
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There could be another opportunity for the Ethereum price to show strength: Here’s how.
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Ethereum price is showing positive signs above $3,550. For ETH to continue rising in the near term, the resistance at $3,680 must be removed.

  • Ethereum began another increase above the $3,550 resistance zone.
  • 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 forming with support at $3,590.
  • If it settles above the $3,680 resistance zone, it could continue to rise.

Ethereum price maintains upward trend

Ethereum price began another rise above the $3,500 resistance zone. ETH bulls could push the price above the $3,580 level like Bitcoin.

ETH broke above the $3,650 resistance level. It reached a high of $3,680 before the price began a downward correction. There was a slight decline below the $3,600 level. The price fell below the 23.6% Fib retracement level, rising from the $3,302 swing low to the $3,680 high.

Ethereum is currently trading above $3,580 and the 100-hour simple moving average. Additionally, there is a major bullish trendline forming on the hourly chart of ETH/USD with support at $3,590.

Source: ETHUSD on TradingView.com

On the other hand, immediate resistance is close to the $3,640 level. The first major resistance is near the $3,680 level. The next major resistance level is $3,720, 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 supported on ETH?

If Ethereum fails to clear the $3,640 resistance, it could begin another downtrend. Initial support for the downside is near the $3,590 level and trendline.

The first major support is near the $3,550 area. The next major support could be the $3,500 zone or the 50% Fib retracement level of the rise from the $3,302 swing low to the $3,680 high. A clear move below the $3,500 support could lead the price towards $3,390. Any more losses could push the price down to the $3,250 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 – $3,590

Key Resistance Level – $3,680

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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