Ethereum

Resistance

Ethereum price started a recovery wave from the $3,050 zone. ETH is up over 10% and is now struggling to clear the $3,550 resistance zone. 
<ul> 
 <li>Ethereum started a decent recovery wave from the $3,050 zone.</li> 
 <li>The price is trading above $3,350 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a major bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to rise if it settles above the $3,550 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-starts-recovery">Ethereum Price Starts Recovery</h2> 
Ethereum price extended its decline below the $3,350 and $3,200 levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-jumps-68k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even declined below the $3,150 support level before the bulls appeared. It tested the $3,050 zone. 
A low was formed at $3,059 and the price is moving higher. There was a strong recovery wave above the $3,350 resistance. The price cleared the 50% Fib retracement level of the downward wave from the $3,675 swing high to the $3,059 low. 
There was also a break above a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bears-aim-3000/" target="_blank" rel="noopener ">major bearish trend line</a> with resistance at $3,400 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,400 and the 100-hourly Simple Moving Average. 
On the upside, immediate resistance is near the $3,520 level or the 76.4% Fib retracement level of the downward wave from the $3,675 swing high to the $3,059 low. The first major resistance is near the $3,550 level. The next key resistance sits at $3,675, above which the price might gain bullish momentum. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_b35294.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-598935" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_b35294.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_b35294.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_b35294.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_b35294.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_b35294.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_b35294.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_b35294.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_b35294.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> 
In the stated case, Ether could rally toward the $3,820 level. If there is a move above the $3,820 resistance, Ethereum could even rise toward the $4,000 resistance. Any more gains might call for a test of $4,080. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,550 resistance, it could start another decline. Initial support on the downside is near the $3,380 level. 
The first major support is near the $3,320 zone. The next key support could be the $3,220 zone. A clear move below the $3,220 support might send the price toward $3,150. Any more losses might send the price toward the $3,050 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 above the 50 level. 
Major Support Level – $3,380 
Major Resistance Level – $3,550

Ethereum Price Rallies 10%, Why Close Above $3,550 Is The Key

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