Ethereum

Resistance

Ethereum price extended its increase toward $3,900. ETH is now consolidating gains and might aim for a move above the $4,000 resistance. 
<ul> 
 <li>Ethereum traded to a new multi-month high above $3,880.</li> 
 <li>The price is trading above $3,700 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term bullish flag pattern forming with resistance at $3,850 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could resume its increase if it clears the $3,850 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-aims-higher">Ethereum Price Aims Higher</h2> 
Ethereum price <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-drops-3200/" target="_blank" rel="noopener ">extended its rally</a> above the $3,750 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-risk-68k/" target="_blank" rel="noopener ">Bitcoin</a>. BTC failed to extend gains above the $69,200 zone, but ETH cleared the $3,850 level. 
It traded to a new multi-month high above $3,880 and recently started a consolidation phase. There was a pullback below the $3,800 level. The price tested the 23.6% Fib retracement level of the recent wave from the $3,211 swing low to the $3,898 high. 
Ethereum is now trading above $3,700 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,850 level. There is also a short-term bullish flag pattern forming with resistance at $3,850 on the hourly chart of ETH/USD. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_d0bd81.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-596657" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_d0bd81.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_d0bd81.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_d0bd81.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_d0bd81.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_d0bd81.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_d0bd81.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_d0bd81.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_d0bd81.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 $3,880 level. The next major resistance is near $3,920, above which the price might gain bullish momentum. &nbsp;The next stop for the bulls could be near the $4,000 level. If there is a move above the $4,000 resistance, Ether could even rally toward the $4,080 resistance. Any more gains might call for a test of $4,120. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
If Ethereum fails to clear the $3,850 resistance, it could start another downside correction. Initial support on the downside is near the $3,740 level. 
The first major support is near the $3,650 zone. The next key support could be the $3,550 zone or the 50% Fib retracement level of the recent wave from the $3,211 swing low to the $3,898 high. A clear move below the $3,550 support might send the price toward $3,400. Any more losses might send the price toward the $3,320 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 – $3,650 
Major Resistance Level – $3,850

Ethereum Price Consolidates As The Bulls Aim For Surge Above $4K

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