Ethereum Price Holds Support – Why ETH Could Soon Rally 5%
24 Avril 2024 - 6:14AM
NEWSBTC
Ethereum price is holding gains above the $3,120 resistance zone.
ETH could soon rally if it clears the $3,280 resistance zone.
Ethereum extended its increase above the $3,220 resistance zone.
The price is trading above $3,165 and the 100-hourly Simple Moving
Average. There is a key bullish trend line forming with support at
$3,170 on the hourly chart of ETH/USD (data feed via Kraken). The
pair could continue to move up if it clears the $3,280 resistance
zone. Ethereum Price Aims Higher Ethereum price remained in a
positive zone above the $3,000 level, like Bitcoin. ETH extended
its increase above the $3,150 and $3,165 resistance levels. It even
spiked above the $3,250 resistance. It traded to a new weekly high
at $3,263 and recently corrected lower. There was a minor decline
below the $3,220 level. Ether dipped below the 50% Fib retracement
level of the recent wave from the $3,154 swing low to the $3,263
high. However, the bulls were active above the $3,200 level. The
61.8% Fib retracement level of the recent wave from the $3,154
swing low to the $3,263 high acted as a support. Ethereum is now
trading above $3,200 and the 100-hourly Simple Moving Average.
There is also a key bullish trend line forming with support at
$3,170 on the hourly chart of ETH/USD. Immediate resistance is near
the $3,250 level. The first major resistance is near the $3,280
level. Source: ETHUSD on TradingView.com The next key resistance
sits at $3,350, above which the price might gain traction and rise
toward the $3,500 level. A close above the $3,500 resistance could
send the price toward the $3,550 resistance. If there is a move
above the $3,550 resistance, Ethereum could even test the $3,750
resistance. Any more gains could send Ether toward the $3,880
resistance zone in the coming days. Another Drop In ETH? If
Ethereum fails to clear the $3,280 resistance, it could start a
downside correction. Initial support on the downside is near the
$3,200 level. The first major support is near the $3,180 zone and
the trend line. The main support is near the $3,120 level. A clear
move below the $3,120 support might increase selling pressure and
send the price toward $3,030. Any more losses might send the price
toward the $2,850 level in the near term. 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 – $3,120 Major Resistance Level – $3,280
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