Ethereum’s price is pushing for a breakthrough beyond the $3,500 mark, showing signs of resilience. To sustain this upward trajectory, ETH needs to surpass the critical $3,680 barrier in the short term.
Ethereum is gaining momentum above the $3,500 support level, indicating growing investor confidence. The price has crossed the $3,600 mark and remains above the 100-hourly Simple Moving Average. A significant bullish trend line is taking shape, with a supportive floor forming around $3,560 on the hourly ETH/USD chart (data sourced via Kraken). Further upward movement is possible if Ethereum manages to establish stability above the $3,680 resistance region. Ethereum Price Targets Steady Growth The Ethereum price kicked off a notable uptick above the $3,550 resistance zone, echoing Bitcoin’s positive sentiment.
ETH successfully breached the $3,650 resistance, reaching a peak at $3,680 before entering a consolidation phase. It currently retains gains above the 23.6% Fibonacci retracement level, calculated from the swing low at $3,301 to the high at $3,680.
Presently, Ethereum is trading comfortably above $3,600 and the 100-hourly Simple Moving Average. Additionally, the formation of a key bullish trend line with support at $3,560 is indicative of ongoing positive sentiment.
Looking ahead, immediate resistance lies near the $3,680 level, with a more significant barrier at $3,720. A breakthrough past $3,750 could catalyze further bullish momentum, potentially propelling Ether towards the $3,880 mark. A sustained rally might even see Ethereum testing the $4,000 resistance, with potential extensions towards $4,080.
Is Ethereum’s Downside Limited? Should Ethereum falter in its attempt to breach the $3,680 resistance, a retracement could ensue. Initial support is expected around the $3,600 level.
A more substantial support zone is positioned near $3,580, aligned with the trend line. Further down, the $3,500 zone or the 50% Fibonacci retracement level could serve as crucial support. A decisive breach beneath $3,500 might trigger a downward move towards $3,380, with extended losses targeting the $3,120 level.
Technical Analysis Insights
Hourly MACD – The MACD for ETH/USD is exhibiting bullish momentum.
Hourly RSI – ETH/USD’s RSI is currently positioned above the 50 level, indicating bullish sentiment.
Key Support Level – $3,600
Key Resistance Level – $3,680
By Andrej Kovacevic
Updated on 23rd April 2024