🔥🔥🔥 #Ethereum Price May Have Another Chance For A #bullish Streak: Here’s How
Ethereum's price is displaying encouraging signals above the $3,550 mark, with a crucial hurdle at $3,680 to sustain its upward trajectory.
The latest Ethereum movement saw a resurgence above the $3,550 resistance zone, signaling renewed momentum for the cryptocurrency. Bulls managed to elevate the price beyond $3,580, echoing a similar trend observed in Bitcoin.
As ETH surged, it surpassed the $3,650 resistance, reaching a peak at $3,680 before experiencing a minor pullback. Despite a brief dip below $3,600, the price held above the 23.6% Fibonacci retracement level of the recent upward swing from the $3,302 low to the $3,680 high.
Presently, Ethereum is trading above $3,580, supported by the 100-hourly Simple Moving Average. Notably, a significant bullish trend line has formed with support at $3,590 on the hourly ETH/USD chart.
On the upside, immediate resistance looms near the $3,640 level, followed by a major hurdle at $3,680. Beyond this level, the next key resistance awaits at $3,720, potentially paving the way for a bullish surge towards $3,800. Further upward momentum could propel Ethereum towards $3,880, with a successful breach likely leading to a test of the $4,000 mark.
In the event of a downturn, initial support is expected around the $3,590 level and the aforementioned trend line. Subsequently, the $3,550 zone serves as a pivotal support area, followed by the $3,500 mark or the 50% Fibonacci retracement level of the recent uptrend. A decisive drop below $3,500 might trigger a deeper correction towards $3,390, with further losses potentially targeting the $3,250 level.
Technical Indicators:
The hourly MACD for ETH/USD indicates a waning bullish momentum.
The hourly RSI for ETH/USD is currently positioned above the 50 level, signaling a favorable stance.
- Major Support Level: $3,590
- Major Resistance Level: $3,680
Source - newsbtc.com
