Ethereum

Resistance

Ethereum price is still struggling to clear the $4,000 resistance zone. ETH might consolidate for some time above $3,600 before the bulls gain strength. 
<ul> 
 <li>Ethereum traded to a new multi-month high above $3,980.</li> 
 <li>The price is trading near $3,850 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term breakout pattern forming with resistance at $3,950 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could resume its increase if it clears the $3,950 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-revisits-4k">Ethereum Price Revisits $4K</h2> 
Ethereum price extended its rally above the $3,900 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-70k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH cleared the $3,950 level and traded close to the $4,000 resistance zone. It traded to a new multi-month high above $3,990 and recently started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-4k/" target="_blank" rel="noopener ">consolidation phase</a>. 
There was a pullback below the $3,920 level. The price tested the 23.6% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. Ethereum price is now consolidating near $3,850 and the 100-hourly Simple Moving Average. 
There is also a short-term breakout pattern forming with resistance at $3,950 on the hourly chart of ETH/USD. If the pair stays above the $3,800 level, it could attempt another increase. Immediate resistance on the upside is near the $3,900 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_dc6be2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-597250" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_dc6be2.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_dc6be2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_dc6be2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_dc6be2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_dc6be2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_dc6be2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_dc6be2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_dc6be2.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> 
The first major resistance is near the $3,940 level. The next major resistance is near $4,000, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,120 level. If there is a move above the $4,120 resistance, Ethereum could even rise toward the $4,220 resistance. Any more gains might call for a test of $4,350. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited In ETH?</h2> 
If Ethereum fails to clear the $3,950 resistance, it could start another downside correction. Initial support on the downside is near the $3,800 level. 
The first major support is near the $3,600 zone or the 50% Fib retracement level of the recent wave from the $3,211 swing low to the $3,9983 high. The next key support could be the $3,400 zone. A clear move below the $3,400 support might send the price toward $3,250. Any more losses might send the price toward the $3,120 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $3,800 
Major Resistance Level – $3,950

Ethereum Price Starts Consolidation – Why Pullbacks Could Be Limited

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