Ethereum

Bitcoin

Resistance

Time

Ethereum price is pumping above the $3,550 resistance. ETH is following Bitcoin and might soon rally toward the $4,000 resistance zone. 
<ul> 
 <li>Ethereum is gaining pace above the $3,550 resistance zone.</li> 
 <li>The price is trading above $3,650 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair seems to be setting up for a move toward the $3,850 and $4,000 levels.</li> 
</ul> 
<h2 id="ethereum-price-starts-fresh-surge">Ethereum Price Starts Fresh Surge</h2> 
Ethereum price extended its rally above the $3,500 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-ath-70k/" target="_blank" rel="noopener ">Bitcoin</a>. 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 <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-surge-3800/" target="_blank" rel="noopener ">upward move</a> 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. &nbsp;The next stop for the bulls could be near the $3,920 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_c08084.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-596272" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_c08084.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_c08084.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_c08084.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_c08084.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_c08084.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_c08084.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_c08084.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_c08084.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
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. 
<h2 id="downside-correction-in-eth">Downside Correction In ETH?</h2> 
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

Ethereum Price Follows Bitcoin Surge, Why $4K Is Just A Matter of Time

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