🚀🚀🚀 #Ethereum Price Stays #bullish As Indicators Point To Fresh Upside
Ethereum's price is indicating positive momentum as it continues to trade above the $3,550 level, with the potential to surge further if it surpasses the $3,650 resistance area.
Starting from the support zone around $3,500, Ethereum has initiated another upward move, echoing Bitcoin's trajectory.
Currently, it is maintaining its position above $3,550 and the 100-hourly Simple Moving Average. Notably, there's a significant bullish trend line taking shape with support at $3,550 on the hourly chart of ETH/USD, further solidifying its upward trajectory.
However, challenges remain as bears exert pressure near the $3,650 and $3,680 resistance levels. Despite reaching a peak around $3,654, the price is now consolidating its gains. Although it retraced slightly, it remains above the 23.6% Fib retracement level of the recent upward swing from the $3,491 low to the $3,654 high.
Looking ahead, immediate resistance is anticipated near the $3,630 mark, followed by a crucial hurdle at $3,650. A breakthrough above this level could pave the way for a sustained bullish trend, with the next significant resistance positioned at $3,680. Surpassing this barrier might trigger further upward momentum, potentially propelling Ethereum towards the $3,800 and $3,880 levels. Should the bullish sentiment persist, a test of $4,000 could be on the horizon.
If Ethereum fails to surpass $3,650, a correction may occur. Initial support is near $3,600, followed by a stronger zone around $3,575. Further down, key support lies at $3,550 and the bullish trend line. Breaking below $3,550 could lead to a deeper correction towards $3,440, possibly extending to $3,320.
The hourly MACD indicates weakening bullish momentum, while the hourly RSI suggests a balanced outlook after crossing above 50.
In summary, Ethereum's price may rise if it surpasses $3,650 resistance, with support likely at $3,550 and $3,440 during corrections.
Source - newsbtc.com