- Ethereum price is eyeing an upside break above the $3,220 resistance against the US Dollar.
ETH price is now trading above $3,100 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $3,150 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $3,000 support zone.
The price of Ethereum is holding steady above the $3,100 mark versus the US Dollar. If Ethereum manages to surpass the $3,220 resistance, we may see further growth in the ETH/USD pair.
Ethereum Price Analysis
Recently in several trading sessions, Ethereum experienced a notable rise, breaking past the $2,850 mark against the US Dollar. The ETH price surpassed the $3,000 and $3,020 thresholds, entering a favorable position.
On the 4-hour chart, the price surpassed the crucial bearish trend line around $3,150, which previously acted as resistance. It also climbed above the 23.6% Fibonacci retracement level of the decline from $3,729 peak to $2,850 low. Eventually, the price closed above the $3,150 mark.
Currently, Ethereum is priced higher than $3,150 on a 4-hour chart, with its 55 simple moving average lying above this figure as well. In case of a price decrease, the first significant support can be found around $3,080.
An approaching significant level of defense for the price lies around $3,050. Dropping beneath this barrier might cause a slide down to $3,000. Further declines could potentially steer the price towards $2,920 or even $2,850 in the upcoming period. A new hurdle for the price to overcome on the upward trend can be found at around $3,220.
The price may encounter significant opposition around the $3,300 mark or the point where half of the previous decline from $3,729 peak to $2,850 trough is recovered.
The strongest opposition to the price is found at around $3,400. Breaking past this level could potentially push the price up towards $3,500. Further advances might even take it closer to the resistance areas of $3,720 and $4,000 in the short term.
According to the graph’s analysis, Ethereum’s price currently hovers above the $3,120 mark and lies above the 4-hour Simple Moving Average (SMA) of $3,120. If Ethereum manages to hold its position above the $3,000 support level, there is a strong possibility for further price growth.
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 – $3,050, followed by the $3,000 zone.
Key Resistance$ Levels – $3,220 and $3,400.
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2024-04-23 06:19