5 March 2024
Ethereum price is pumping above the $3,550 resistance. ETH is following Bitcoin and might soon rally toward the $4,000 resistance zone.
Ethereum is gaining pace above the $3,550 resistance zone.
The price is trading above $3,650 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair seems to be setting up for a move toward the $3,850 and $4,000 levels.
Ethereum Price Starts Fresh Surge
Ethereum price extended its rally above the $3,500 level, like Bitcoin. BTC surged and even spiked above the $68,000 level. ETH is showing signs of strength and surging above the $3,650 level.
There was a clear move above the $3,700 level. A new multi-month high is formed at $3,715 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $3,465 swing low to the $3,715 high.
Ethereum is now trading above $3,650 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,600 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $3,465 swing low to the $3,715 high.
Immediate resistance on the upside is near the $3,720 level. The first major resistance is near the $3,780 level. The next major resistance is near $3,850, above which the price might gain bullish momentum. The next stop for the bulls could be near the $3,920 level.
Source: ETHUSD on TradingView.com
If there is a move above the $3,920 resistance, Ether could even rally toward the $4,000 resistance. Any more gains might call for a test of $4,200.
Downside Correction In ETH?
If Ethereum fails to clear the $3,720 resistance, it could start a downside correction. Initial support on the downside is near the $3,650 level.
The first major support is near the $3,600 zone and the trend line. The next key support could be the $3,550 zone. A clear move below the $3,550 support might send the price toward $3,420. Any more losses might send the price toward the $3,350 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,600
Major Resistance Level – $3,720