🔥🔥🔥 #Ethereum Price Gearing For Another Lift-Off to $4K: Increase Isn’t Over Yet
Ethereum's price remains resilient above the $3,500 mark, indicating potential for a #bullish surge if it surpasses the critical $3,680 resistance level.
After briefly retesting the $3,450 support, Ethereum has resumed its upward movement. Currently trading above $3,500 and the 100-hourly Simple Moving Average, Ethereum shows signs of strength in the market. A notable development is the breakout above a significant bearish trend line with resistance at $3,540 on the hourly chart of ETH/USD, sourced from Kraken.
For Ethereum to gain bullish momentum, it needs to establish a foothold above the $3,680 resistance zone. Should this occur, Ether could embark on a significant uptrend, targeting the $3,800 level initially. Further upside movement might see Ethereum rallying towards $3,920 and potentially testing the $4,000 mark.
Conversely, if Ethereum fails to breach the $3,630 resistance, a downside correction might ensue. The immediate support lies near the $3,540 level, followed by more substantial support at $3,480. A decisive drop below $3,450 could trigger further declines, potentially leading Ethereum towards the $3,325 and $3,250 levels.
Technical indicators suggest a mixed outlook, with the hourly MACD indicating a loss of bullish momentum while the hourly RSI hovers above the 50 level, signaling a neutral to bullish sentiment.
In summary, Ethereum's price action hinges on its ability to breach the crucial resistance at $3,680, which could pave the way for a significant upward move. Conversely, failure to do so might result in another round of downside pressure, with key support levels standing at $3,450 and $3,325.
Source - newsbtc.com
