The value of Ethereum signals positive trends above the price level of $3,550. To continue the upward movement, it is crucial to overcome the resistance at the $3,680 level.
Ethereum Maintains an Upward Trend
The rise in Ethereum's price started above the resistance zone of $3,500. ETH bulls managed to push the price into positive territory above $3,580, similar to Bitcoin.
ETH crossed the $3,650 resistance, reaching a high of $3,680 before starting to decline. A slight drop below the $3,600 level followed, and the price fell below the 23.6% Fib retracement level of the move from $3,302 to a high of $3,680.
Ethereum is currently trading above $3,580 and the 100-hour moving average. In the hourly ETH/USD chart, a major bullish trend line is forming with support at $3,590.
![](https://public.bnbstatic.com/image/pgc/202403/9dcc52a0efae324341986d060067b552.png)
The first major resistance is near $3,640, with the key resistance at $3,680. Another significant resistance level is at $3,720, and crossing it could lead to a bullish momentum. In such a case, Ether could aim for the $3,800 level, and upon crossing this threshold, possibly even $3,880. Any further rise could test the $4,000 mark.
Support for ETH Drops?
If Ethereum fails to overcome the resistance at the $3,640 level, it could lead to further decline. The first downward support is around $3,590 and the trend line.
The main support area is around $3,550. The $3,500 zone or the 50% Fib retracement level of the move from $3,302 to the high of $3,680 could also be important support. A significant drop below $3,500 could lead to further decline to $3,390. Further losses could push the price to the $3,250 level.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“