Ethereum

Resistance

Ethereum price is attempting a recovery wave above the $3,500 zone. ETH must clear the $3,580 resistance to continue higher in the near term. 
<ul> 
 <li>Ethereum started a decent recovery wave above the $3,350 zone.</li> 
 <li>The price is trading above $3,450 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a short-term bullish flag pattern with resistance at $3,480 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to rise if it settles above the $3,580 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-holds-support">Ethereum Price Holds Support</h2> 
Ethereum price started a decent upward move above the $3,250 and $3,350 resistance levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-68k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even surpassed the $3,500 resistance to move into a positive zone. 
A high was formed at $3,587 and there was a minor <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rallies-3550/" target="_blank" rel="noopener ">pullback</a>. The price declined below the $3,500 level and spiked below the 23.6% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. However, the bulls are active near $3,400. 
Recently, there was a break above a short-term bullish flag pattern with resistance at $3,480 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,500 and the 100-hourly Simple Moving Average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_33e85f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-599136" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_33e85f.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_33e85f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_33e85f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_33e85f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_33e85f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_33e85f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_33e85f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_33e85f.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> 
On the upside, immediate resistance is near the $3,550 level. The first major resistance is near the $3,580 level. The next key resistance sits at $3,670, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,800 level. If there is a move above the $3,800 resistance, Ethereum could even climb 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 $3,580 resistance, it could start another decline. Initial support on the downside is near the $3,410 level. 
The first major support is near the $3,320 zone or the 50% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. The next key support could be the $3,200 zone. A clear move below the $3,200 support might send the price toward $3,060. Any more losses might send the price toward the $3,000 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 – $3,400 
Major Resistance Level – $3,580

Ethereum Price Signals Uptrend Continuation But Can Bulls Clear This?

Table of Contents

NewsBTC

Other articles published on Mar 22, 2024

A New Meme Coin Inspired by Shrek’s Iconic Character Launches Presale

SUI and Bittensor remain stable as market bleeds; Milei Moneda emerges to save investors’ portfol...

Google Integrates Ethereum Name Service Data into Search Results

Top 3 Reasons Dogwifhat (WIF) Investors Are Holding This New WIF Competitor

Cardano Price Back At $0.64! ADA Price To Test Its Low Of $0.54?

Over $2.5 Billion in Bitcoin and Ethereum Options Expire Amid Market Pullback

Join our free newsletter for daily crypto updates!