Ethereum Price Analysis: ETH Could Rally Back To $4,000
Ethereum price is eyeing an upside break above the $3,700 resistance against the US Dollar.
ETH price is now trading above $3,500 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $3,400 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $3,400 support zone.
Ethereum price is consolidating above the $3,440 level against the US Dollar. ETH/USD could rise again if it clears the $3,700 resistance zone.
Ethereum Price Analysis
In the past few sessions, Ethereum saw a decent increase from the $3,060 zone against the US Dollar. ETH price moved above the $3,200 and $3,320 levels to move into a positive zone.
There was a break above a key bearish trend line with resistance near $3,400 on the 4-hour chart. The price even cleared the 50% Fib retracement level of the downward move from the $4,085 swing high to the $3,057 low. The price settled above the $3,400 level.
Ethereum is now trading above $3,440 and the 55 simple moving average (4 hours). On the downside, initial support is near the $3,500 level.
The next major support is now near the $3,400 level. A break below the $3,400 support could push the price to $3,320. Any more losses could lead the price toward $3,220 or even $3,120 in the coming days. Immediate resistance on the upside is near the $3,650 level.
The next major resistance is near the $3,700 zone or the 61.8% Fib retracement level of the downward move from the $4,085 swing high to the $3,057 low.
The main resistance sits at $3,800. A clear move above the $3,800 level could send the price toward $4,000. Any more gains could even send the price toward the $4,080 resistance zone or $4,220 in the near term.
Looking at the chart, Ethereum price is clearly trading above the $3,440 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $3,400 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 – $3,440, followed by the $3,400 zone.
Key Resistance$ Levels – $3,700 and $3,800.
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Filed under: Bitcoin - @ March 26, 2024 2:48 am