Exploring Ethereum’s Recent Price Surge
Recently, Ethereum experienced a significant price surge fueled by reports of potential approval for an ETH ETF. The price surpassed key resistance levels at $3,500 and $3,650, outperforming Bitcoin in the process.
As a result, ETH reached a new weekly high of $3,838 before entering a consolidation phase. Currently, Ethereum is trading comfortably above the 23.6% Fib retracement level, with further gains on the horizon.
Current Price Movement of Ethereum
Presently, Ethereum is trading above the $3,700 mark and the 100-hourly Simple Moving Average, indicating a bullish trend. A short-term bullish trend line has also emerged, offering support at $3,710 on the hourly ETH/USD chart.
- Immediate resistance is anticipated at the $3,840 level, with a major hurdle at $3,880.
- A successful breakthrough above $3,880 could propel the price towards $3,950 and potentially $4,000.
- Further gains may lead Ether to test the $4,080 resistance level, with a possible push towards $4,200.
Is Ethereum Likely to Experience Downtrends?
In the event that Ethereum struggles to surpass the $3,840 resistance level, a downside correction could occur. Initial support is expected at $3,710 and the established trend line.
- The $3,620 zone represents a significant support level, followed by the potential for a decline towards $3,450.
- A break below $3,620 could lead to a test of the 50% Fib retracement level at $3,380 in the short term.
Key Technical Indicators for Ethereum’s Price Movement
- Hourly MACD: Indicates growing bullish momentum for ETH/USD pair.
- Hourly RSI: Currently correcting from the overbought zone at 75, possibly signaling a brief pullback.
- Major Support Level: Predominant support at $3,620 in case of a downturn.
- Major Resistance Level: Key resistance encountered at $3,840 as Ethereum aims for higher price targets.
Overall, Ethereum’s price movement reflects a positive sentiment, with the potential for further gains if key resistance levels are breached. Conversely, a failure to overcome resistance could lead to a short-term correction before resuming an upward trend.
By
By