Ethereum Price Faces Crucial Test, Can ETH Clear This Hurdle To Kickstart Rally?
12 April 2024 - 6:22AM
NEWSBTC
Ethereum price is consolidating above the $3,450 support zone. ETH
must clear $3,560 and $3,620 to start a fresh increase in the near
term. Ethereum is trading in a range above the $3,450 support zone.
The price is trading above $3,500 and the 100-hourly Simple Moving
Average. There is a new connecting bearish trend line forming with
resistance at $3,550 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could gain bullish momentum if it stays above the
$3,420 support zone. Ethereum Price Eyes Upside Break Ethereum
price attempted another increase above the $3,550 resistance. ETH
even climbed above $3,600, but the upsides were limited like
Bitcoin. A high was formed at $3,614 before the price trimmed
gains. It declined below $3,500 and treaded as low as $3,476. The
price is again recovering and moving above $3,500. There was a move
above the 23.6% Fib retracement level of the recent decline from
the $3,614 swing high to the $3,476 low. Ethereum is now trading
above $3,500 and the 100-hourly Simple Moving Average. Immediate
resistance is near the $3,550 level or the 50% Fib retracement
level of the recent decline from the $3,614 swing high to the
$3,476 low. There is also a new connecting bearish trend line
forming with resistance at $3,550 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com The first major resistance is
near the $3,620 level. The next key resistance sits at $3,650,
above which the price might test the $3,720 level. The key hurdle
could be $3,750, above which Ether could gain bullish momentum. In
the stated case, the price could rise toward the $3,820 zone. If
there is a move above the $3,820 resistance, Ethereum could even
rise toward the $4,000 resistance. Another Rejection In ETH? If
Ethereum fails to clear the $3,550 resistance, it could start
another decline. Initial support on the downside is near the $3,500
level. The first major support is near the $3,475 zone. The next
key support could be the $3,420 zone. A clear move below the $3,420
support might send the price toward $3,320. Any more losses might
send the price toward the $3,240 level. Technical Indicators Hourly
MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major
Support Level – $3,475 Major Resistance Level – $3,550
Ethereum (COIN:ETHUSD)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
Von Mai 2023 bis Mai 2024