Ethereum

Resistance

Ethereum price is gaining pace above the $3,600 resistance zone. ETH could extend its upward move if it clears the $3,725 resistance zone. 
<ul> 
 <li>Ethereum is aiming for more gains above the $3,725 and $3,740 levels.</li> 
 <li>The price is trading above $3,650 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could extend its rally if there is a close above the $3,725 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-jumps-over-8">Ethereum Price Jumps Over 8%</h2> 
Ethereum price formed a base and started a decent increase above the $3,500 resistance, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-resumes-upside-why-btc-could-soon-hit-new-ath/" target="_blank" rel="noopener ">Bitcoin</a>. ETH surpassed the $3,600 and $3,650 levels to move into a positive zone. 
A new weekly high was formed at $3,726 and the price is now consolidating gains. The price is well above the 23.6% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low. It is up over 8% and there are chances of more upsides. 
Ethereum is trading above $3,650 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-faces-test-3250/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low. 
Immediate resistance is near the $3,725 level. The first major resistance is near the $3,750 level. The next key resistance sits at $3,800, above which the price might test the $3,880 level, above which Ether could gain bullish momentum. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_262e53.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-602164" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_262e53.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_262e53.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_262e53.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_262e53.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_262e53.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_262e53.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_262e53.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_262e53.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, the price could rise toward the $3,880 zone. If there is a move above the $3,920 resistance, Ethereum could even rise toward the $4,000 resistance. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited In ETH?</h2> 
If Ethereum fails to clear the $3,725 resistance, it could start a downside correction. Initial support on the downside is near the $3,620 level. 
The first major support is near the $3,500 zone or the trend line. The next key support could be the $3,420 zone. A clear move below the $3,420 support might send the price toward $3,350. Any more losses might send the price toward the $3,220 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 – $3,500 
Major Resistance Level – $3,725

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