Ethereum Surges Above Key Resistance Level
Ethereum has experienced a significant surge in price, breaking above the crucial $3,550 resistance zone. The cryptocurrency is currently trading above $3,650 and the 100-hourly Simple Moving Average, indicating strength in its upward momentum. A connecting bullish trend line with support at $3,600 has also formed on the hourly chart of ETH/USD.
The price movement suggests that Ethereum may be setting up for a potential move towards the $3,850 and $4,000 levels.
Ethereum Price Begins a Fresh Surge
Ethereumโs price rally continues as it surpasses the $3,500 level, following in the footsteps of Bitcoinโs recent surge. Bitcoin has surged past the $68,000 level. In line with this bullish sentiment, ETH is showing signs of strength and has now surged above $3,650.
As Ethereum consolidates its gains, it has reached a new multi-month high at $3,715. The cryptocurrency is currently trading above the 23.6% Fib retracement level of its upward movement from the $3,465 swing low to the $3,715 high.
Ethereum is now trading above $3,650 and the 100-hourly Simple Moving Average. Additionally, there is a connecting bullish trend line with support at $3,600 on the hourly chart of ETH/USD. This trend line aligns closely with the 50% Fib retracement level of the cryptocurrencyโs upward movement from the $3,465 swing low to the $3,715 high.
Looking ahead, immediate resistance lies near the $3,720 level. The first major resistance sits at around $3,780. If Ethereum manages to break through this level successfully, it could gain further bullish momentum and target the $3,920 level. Ultimately, the next significant resistance level for Ethereum stands at $4,000.
Should Ethereum surpass the $3,920 resistance level, it has the potential to rally towards the $4,000 resistance. Further gains might even lead to a test of the $4,200 level.
Downside Correction Possibility
In the event that Ethereum fails to break above the $3,720 resistance level, a downside correction may occur. The initial support on the downside is near the $3,650 level.
The first major support lies at around the $3,600 zone and aligns with the previously mentioned trend line. If Ethereumโs price continues to decline, it may find further support at the $3,550 zone. A clear break below this support level could potentially send the price towards $3,420. Should selling pressure persist, Ethereum might even test the $3,350 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.
Overall, Ethereumโs price surge indicates a positive trend in the market. With its breakout above key resistance levels and its ability to maintain its position above important moving averages, Ethereum has strong potential for further gains in the near future.
Note: This article is not financial advice. The information provided in this article is based on market analysis and should not be interpreted as investment advice or a recommendation to buy or sell any cryptocurrency.
Hot Take: Ethereum Gains Momentum Above Key Resistance Level
Ethereumโs recent surge above the $3,550 resistance level has brought about renewed momentum in the cryptocurrency. With its price trading above $3,650 and the 100-hourly Simple Moving Average, Ethereum is positioned for further upside potential.
The formation of a connecting bullish trend line with support at $3,600 on the hourly chart of ETH/USD indicates that Ethereumโs upward movement may continue. The cryptocurrency appears to be setting up for a potential move towards the $3,850 and $4,000 levels.
As always, it is important to conduct thorough research and analysis before making any investment decisions. Cryptocurrency markets can be highly volatile and unpredictable. Stay informed and make well-informed investment choices.
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