Ethereum Price Analysis: ETH Bulls Aim For $3,500
Ethereum price is moving higher above the $3,000 resistance against the US Dollar.
ETH price is now trading above $3,120 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $3,000 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $3,000 support zone.
Ethereum price is rising above the $3,120 level against the US Dollar. ETH/USD could rise further if it clears the $3,250 resistance zone.
Ethereum Price Analysis
In the past few sessions, Ethereum saw a decent increase above the $3,000 level against the US Dollar. ETH price was able to gain pace for a move above the $3,120 level and the 55 simple moving average (4 hours).
The bulls even pushed the price above the $3,200 resistance zone. A high is formed near $3,277 and the price is now consolidating gains. It is trading above the $3,200 level. It is also above the 23.6% Fib retracement level of the upward wave from the $2,868 swing low to the $3,277 high.
Ether price is showing positive signs above $3,120 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $3,000 on the 4-hour chart.
Immediate resistance on the upside is near the $3,250 level. The next major resistance is near the $3,320 zone. A clear move above the $3,320 level could send the price toward $3,450. Any more gains could even send the price toward the $3,500 resistance zone or $3,550 in the near term.
On the downside, initial support is near the $3,180 level. The next major support is now near the $3,070 level or 50% Fib retracement level of the upward wave from the $2,868 swing low to the $3,277 high, below which the price might test $3,000. A break below the $3,000 support could push the price to $2,880. Any more losses could lead the price towards $2,740.
Looking at the chart, Ethereum’s price is trading above the $3,120 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $3,000 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $3,180, followed by the $3,000 zone.
Key Resistance$ Levels – $3,250 and $3,320.
The post Ethereum Price Analysis: ETH Bulls Aim For $3,500 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ February 27, 2024 3:18 am