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Home»EXCHANGE NEWS»Will the upward trend in Ethereum price continue? These factors could push ETH to $4,300.
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Will the upward trend in Ethereum price continue? These factors could push ETH to $4,300.

By Crypto FlexsMarch 12, 20243 Mins Read
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Will the upward trend in Ethereum price continue?  These factors could push ETH to ,300.
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Ethereum price broke the $4,000 resistance zone. ETH is currently consolidating gains and could extend the gains above the $4,100 area.

  • Ethereum traded at a new multi-month high above $4,050.
  • The price is trading above $4,000 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a short-term breakout pattern forming with resistance at $4,060.
  • A break above the $4,080 resistance area could resume the advance.

Ethereum Price Reclaims $4K

Ethereum price maintained a good price above the $3,880 level and, like Bitcoin, expanded its rise. ETH was able to move further into positive territory by clearing the key resistance at $4,000.

The price exceeded $4,000. It has been trading at new multi-month highs above $4,000 and has recently begun a consolidation phase. There was a decline below the $4,050 level. The price tested the 23.6% Fib retracement level of the recent increase from the $3,820 swing low to the $4,088 high.

Ethereum price is now consolidating above $4,000 and the 100-hour simple moving average. There is also a short-term breakout pattern on the hourly chart of ETH/USD with resistance forming at $4,060.

If the pair remains above the $4,000 level, further increases can be attempted. Immediate upside resistance is near the $4,060 level. The first major resistance is near the $4,080 level.

Source: ETHUSD on TradingView.com

The next major resistance level is near $4,120, above which the price could gain upward momentum. If specified, Ethereum could rise to the $4,220 level. If there is a move above the $4,220 resistance, Ethereum may rise towards the $4,300 resistance. A test of $4,350 may be needed for further gains.

Are dips supported on ETH?

If Ethereum fails to clear the $4,060 resistance, a downward correction could begin. Initial support for the downside is near the $4,020 level.

The first major support is near the $3,950 area or the 50% Fib retracement level of the recent increase from the $3,820 swing low to the $4,088 high. The next major support could be the $3,920 zone. A clear decline below the $3,920 support could lead the price towards $3,880. Any more losses could push the price down to the $3,780 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 – $3,950

Key Resistance Level – $4,080

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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