- Ethereum price is moving higher above the $3,500 resistance against the US Dollar.
ETH price is now trading above $3,550 and the 55 simple moving average (4 hours).
There was a break above a key rising channel with resistance at $3,440 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $3,500 support zone.
The cost of Ethereum is climbing higher than $3,550 versus the U.S. dollar. If Ethereum manages to surpass the resistance at $3,720, its price may continue to increase.
Ethereum Price Analysis
Over the last several meetings, Ethereum experienced a notable rise surpassing the $3,420 mark versus the US Dollar. The ETH price then gained momentum to exceed the $3,500 threshold and the 4-hour 55 simple moving average.
On the 4-hour chart, the stock price surpassed the crucial rising trendline at $3,440, encountering resistance. Bulls managed to drive the price beyond the $3,650 resistance barrier as well. A new high was reached at $3,729, and currently, the price is taking a pause in its advancement, resting above the $3,650 mark.
The Ether price is currently climbing above the 23.6% Fibonacci retracement level of its upward wave, which extended from the $3,210 swing low to the $3,729 peak. Additionally, positive signs are emerging for Ether as it hovers above the $3,650 mark and the 4-hour simple moving average of $3,650 (55 SMA).
Immediate resistance on the upside is near the $3,720 level. The next major resistance is near the $3,750 zone. A clear move above the $3,750 level could send the price toward $3,880. Any more gains could even send the price toward the $4,000 resistance zone or $4,050 in the near term.
If we consider the negative aspect, the initial support for the price is around $3,600. The next significant support lies close to $3,550. Should the price fall below this level, it may encounter resistance at the 50% Fibonacci retracement mark of the price movement from the $3,210 swing low to the $3,729 peak, which is approximately $3,470.
If the price falls beneath the $3,470 mark of support, it may cause a further decline to around $3,400. Continued losses could potentially result in the price moving toward $3,320.
Based on the graph’s analysis, Ethereum’s value is currently higher than the $3,650 mark and the 4-hour Simple Moving Average (SMA) of $3,650. In essence, Ether’s price may continue to rise if it manages to hold above the $3,500 support level.
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 – $3,600, followed by the $3,550 zone.
Key Resistance$ Levels – $3,720 and $3,880.
Read More
- Skull and Bones: Navigating the Quest for Extra Teeth in the Game
- Uncovering the Mystery of Red King Players in Clash Royale – What Reddit Users Have to Say
- UFO PREDICTION. UFO cryptocurrency
- Finding Resources in Palworld: Tips from the Community
- BONE PREDICTION. BONE cryptocurrency
- The Last Epoch Dilemma: Confronting the Gold Dupe Crisis
- Discovering the Infinite Power: The Abiotic Factor that Could Change Everything
- AAVE PREDICTION. AAVE cryptocurrency
- Gaming News: Like a Dragon: Infinite Wealth’s Dondoko Island Takes Expansion to New Heights
- Unveiling the Mystery of Palworld IVs: What Redditors Have to Say
2024-04-09 09:18