👉👉👉 #EthereumPrice Climbs: Will It Challenge the $3,700 Mark Again?
Ethereum is currently experiencing a downside correction from the $3,500 resistance level. The price has dropped below $3,440 and may face challenges staying above $3,380.
Current Price Action
- Above $3,520: Ethereum is trading above $3,520 and the 100-hourly Simple Moving Average.
- Bullish Trend Line: A bullish trend line is forming with support at $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
- Resistance: For further gains, Ethereum needs to break above the $3,565 resistance zone.
Recent Performance
Ethereum had been in a bullish trend above the $3,350 mark, surging past the $3,500 resistance. The price peaked at $3,563 before consolidating. It is now near the 23.6% Fib retracement level of the move from $3,412 to $3,563, maintaining its position above $3,500 and the 100-hourly Simple Moving Average.
The trend line near $3,450 is close to the 76.4% Fib retracement level of the same upward move.
Potential Movements
- Upside: If Ethereum stays above the 100-hourly Simple Moving Average, it could aim for higher levels. Resistance is encountered near $3,550, with the first major resistance at $3,580 and the next at $3,650. A breakthrough above $3,650 could push the price toward $3,700 and possibly $3,720. An upward move past $3,720 might drive the price towards the $3,800 resistance zone.
- Downside: If Ethereum fails to surpass $3,550, it may see further declines. Initial support is at $3,500, followed by major support near $3,470 and the 100-hourly Simple Moving Average. A break below $3,470 could lead to a drop toward $3,440 and possibly $3,350. The next key support level is at $3,320.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is losing bullish momentum.
- Hourly RSI: The RSI for ETH/USD is currently above 50.
Major Support Level: $3,500
Major Resistance Level: $3,550
Source - newsbtc.com
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