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/" rel="noopener noreferrer nofollow">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/" rel="noopener noreferrer nofollow">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" rel="noopener noreferrer nofollow"><img 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"></a>Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" rel="noopener noreferrer 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 IndicatorsHourly 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 – $3,965Major Resistance Level – $4,085

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

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