Ethereum

Resistance

Reversal

Ethereum price is gaining pace above the $3,120 resistance zone. ETH could continue to move up unless there is a daily close below the $3,030 level. 
<ul> 
 <li>Ethereum extended its increase above the $3,150 resistance zone.</li> 
 <li>The price is trading above $3,150 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up unless the bears push it below the $3,030 zone.</li> 
</ul> 
<h2 id="ethereum-price-extends-increase">Ethereum Price Extends Increase</h2> 
Ethereum price started a recovery wave and was able to clear the $3,000 resistance, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-extends-increase-67k/" target="_blank" rel="noopener ">Bitcoin</a>. ETH even climbed above the $3,050 and $3,120 resistance levels to move into a positive zone. 
It traded to a new weekly high at $3,234 and is currently consolidating gains. There was a minor decline below the $3,200 level. Ether dipped below the 23.6% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high. 
Ethereum is now trading above $3,150 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-buy-dip-3150/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high. 
Immediate resistance is near the $3,210 level. The first major resistance is near the $3,235 level. The next key resistance sits at $3,280, above which the price might gain traction and rise toward the $3,350 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-604594" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461" alt="Ethereum Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_f2f4ad.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> 
A close above the $3,350 resistance could send the price toward the $3,500 resistance. If there is a move above the $3,500 resistance, Ethereum could even test the $3,550 resistance. Any more gains could send Ether toward the $3,720 resistance zone in the coming days. 
<h2 id="downside-correction-in-eth">Downside Correction In ETH?</h2> 
If Ethereum fails to clear the $3,235 resistance, it could start a downside correction. Initial support on the downside is near the $3,175 level. The first major support is near the $3,160 zone and the trend line. 
The main support is near the $3,150 level and the 100-hourly Simple Moving Average. A clear move below the $3,150 support might increase selling pressure and send the price toward $3,030. Any more losses might send the price toward the $2,850 level in the near term. 
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 – $3,150 
Major Resistance Level – $3,235

Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why

Daftar Isi

NewsBTC

Artikel lain yang dipublikasikan pada 23 Apr 2024

Leading Crypto Analysts Choose These Altcoins for 25-50X Surge During Altseason

Bitcoin: A Release Valve for Frustrated Economies?

BEFE Coin Buzz: Riding the Wave of MEME Coin Trending Phenomenon

Tether vows to freeze assets after Venezuela looks to crypto to bypass oil sanctions

Lava network founder discusses RPC protocols and current challenges

Ethereum Price Prediction 2024: ETH Price to Reach $5000 After March, 13?

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!