ETH Price Aiming Higher Key Resistance Levels
Ethereum is targeting further gains above the $3,725 and $3,740 levels, trading above $3,650 and the 100-hourly Simple Moving Average. A connecting bullish trend line is forming with support at $3,480 on the hourly ETH/USD chart, with the potential for an extended rally upon a close above the $3,725 resistance zone.
Ethereum Sees Over 8% Surge in Price
ETH established a base and initiated a significant increase above the $3,500 resistance, similar to Bitcoin’s movement. Surpassing the $3,600 and $3,650 levels, Ethereum entered a positive zone, reaching a new weekly high at $3,726 and consolidating gains. The price sits comfortably above the 23.6% Fib retracement level and is up over 8%, indicating potential for further upsides.
- The price action suggests potential for a rise towards the $3,880 level.
- If resistance at $3,920 is surpassed, Ether could target the $4,000 mark.
Is There a Cap on Downward Movement for ETH?
Failure to breach the $3,725 resistance could trigger a downside correction for Ethereum. Initial support lies near $3,620, with major support levels at $3,500 and $3,420. A breach below $3,420 may lead to a further drop towards $3,350 and potentially $3,220.
Technical Analysis Indicators for Ethereum
- Hourly MACD indicates gaining momentum in the bullish zone for ETH/USD.
- Hourly RSI has now surpassed the 50 level for ETH/USD.
Key levels to watch include a major support at $3,500 and a major resistance at $3,725 for Ethereum’s price movement.
Hot Take: Ethereum Continues Upside Momentum
Ethereum’s price surge above key resistance levels and bullish technical indicators hint at a positive outlook. Traders are closely monitoring Ethereum’s movement as it aims for further gains, potentially targeting the $4,000 milestone in the near future.
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