Ethereum Bulls Push Price Above $3,500
Ethereum has experienced a significant surge in price, surpassing the $3,500 resistance zone. The cryptocurrency has successfully cleared several obstacles, including the $3,320 and $3,400 levels, before finally spiking above $3,500. Although there was a subsequent downside correction, Ethereum remains above $3,300 and the 100-hourly Simple Moving Average.
A major bullish trend line has formed with support at $3,260 on the ETH/USD hourly chart. This trend line is near the 61.8% Fib retracement level of the upward wave from the swing low of $3,110 to the high of $3,515.
Potential for Further Upside Movement
Ethereum faces immediate resistance near the $3,420 level. Should it break through this resistance, it could rally towards the next major resistance at $3,450. If Ethereum manages to surpass this level as well, it may gain significant bullish momentum and potentially reach the $3,620 resistance level. Further gains could even lead to a test of $3,800.
Dips in Price May Find Support
If Ethereum fails to clear the $3,420 resistance level and experiences a downside correction, there is initial support around the $3,310 level. The first major support zone is located near $3,260 or the trend line that has been formed. Additionally, there is key support at around $3,250. A clear move below this support level might result in a price drop towards $3,120. Further losses could push the price towards the $3,050 level.
Technical Indicators
- The MACD for ETH/USD is losing momentum in the bullish zone.
- The RSI for ETH/USD has fallen below the 50 level.
Overall, Ethereum has shown strong bullish momentum, surpassing resistance levels and reaching a multi-month high. While a downside correction is possible, support levels are expected to limit any significant dips in price. Traders should closely monitor the $3,420 resistance level for further price movement.
Hot Take: Ethereum Bulls Surge Ahead 🚀
Ethereum’s impressive rally continues as it breaks through resistance levels and maintains its upward trajectory. The cryptocurrency has successfully surpassed the $3,500 mark, indicating that bulls are firmly in control. Despite a minor correction, Ethereum remains above the $3,300 support level and the 100-hourly Simple Moving Average.
The formation of a major bullish trend line with support at $3,260 further solidifies Ethereum’s positive outlook. With immediate resistance at $3,420 and potential further upside towards $3,620 and beyond, Ethereum continues to attract attention from investors and traders alike.
As always, it is important to closely monitor technical indicators such as the MACD and RSI for any signs of a reversal or loss of momentum. However, with the current bullish sentiment and strong support levels in place, Ethereum appears to be well-positioned for further gains.
By
By
By
By