Ethereum

Resistance

Ethereum price is consolidating near the $4,000 zone. ETH is again moving higher as the bulls seem to be aiming for a move above the $4,200 level. 
<ul> 
 <li>Ethereum traded to a new multi-month high above $4,080 before correcting lower.</li> 
 <li>The price is trading above $4,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could resume its increase if it clears the $4,085 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-regains-strength">Ethereum Price Regains Strength</h2> 
Ethereum price spiked above the $4,000 resistance zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-big-move-75k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH traded to a new multi-month high above $4,050 before there was a downside correction. 
The price declined below the $4,000 level, but the bulls were active near the $3,850 zone. A low was formed at $3,830 and the price is now rising. There was a move above the $4,000 resistance. The price cleared the 50% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low. 
Ethereum price is now trading above $4,000 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-uptrend-4300/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD. 
It is now showing positive signs above the 76.4% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low. If the pair stays above the $4,020 level, it could attempt another increase. Immediate resistance on the upside is near the $4,085 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_db2c92.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-597557" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_db2c92.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_db2c92.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_db2c92.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_db2c92.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_db2c92.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_db2c92.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_db2c92.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_db2c92.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 $4,120 level. The next major resistance is near $4,150, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,280 level. If there is a move above the $4,280 resistance, Ethereum could even rise toward the $4,350 resistance. Any more gains might call for a test of $4,500. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited In ETH?</h2> 
If Ethereum fails to clear the $4,085 resistance, it could start a downside correction. Initial support on the downside is near the $4,020 level. 
The first major support is near the $3,965 zone or 100 hourly SMA. The next key support could be the $3,880 zone. A clear move below the $3,880 support might send the price toward $3,830. Any more losses might send the price toward the $3,740 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 – $3,965 
Major Resistance Level – $4,085

Ethereum Price Dips Attractive As Bulls Aim For Move Above $4,200

Table of Contents

NewsBTC

Other articles published on Mar 13, 2024

Top 5 Promising Web3 Projects to Discover in 2024

AI and Robotics Converge to Propel Space Exploration Forward

BNB chain announces BEP 336 upgrade modeled after Ethereum

Celestia and Chainlink Struggle To Break Resistance - Can Rebel Satoshi’s New Token $RECQ Save th...

Rap Star Drake Brings Bitcoin To The Masses With Saylor Video

Binance says it trained investigators in Nigeria under government cooperation

Join our free newsletter for daily crypto updates!