Ethereum Price Follows Bitcoin Surge, Why $4K Is Just A Matter of Time
05 März 2024 - 5:10AM
NEWSBTC
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
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