Ethereum Price Analysis: ETH Could Revisit $3,500

Live Bitcoin News
Updated Apr 23, 2024 06:36
Mitrade

■  Ethereum price is eyeing an upside break above the $3,220 resistance against the US Dollar.

■  ETH price is now trading above $3,100 and the 55 simple moving average (4 hours).

■  There was a break above a key bearish trend line with resistance near $3,150 on the 4-hour chart (data feed from Coinbase).

■  The pair could climb further if it stays above the $3,000 support zone.


Ethereum price is consolidating above the $3,100 level against the US Dollar. ETH/USD could rise again if it clears the $3,220 resistance zone.


Ethereum Price Analysis


In the past few sessions, Ethereum saw a decent increase from the $2,850 zone against the US Dollar. ETH price moved above the $3,000 and $3,020 levels to move into a positive zone.


There was a break above a key bearish trend line with resistance near $3,150 on the 4-hour chart. The price even cleared the 23.6% Fib retracement level of the downward move from the $3,729 swing high to the $2,850 low. The price settled above the $3,150 level.


Ethereum is now trading above $3,150 and the 55 simple moving average (4 hours). On the downside, initial support is near the $3,080 level.


The next major support is now near the $3,050 level. A break below the $3,050 support could push the price to $3,000. Any more losses could lead the price toward $2,920 or even $2,850 in the coming days. Immediate resistance on the upside is near the $3,220 level.


The next major resistance is near the $3,300 zone or the 50% Fib retracement level of the downward move from the $3,729 swing high to the $2,850 low.

The main resistance sits at $3,400. A clear move above the $3,400 level could send the price toward $3,500. Any more gains could even send the price toward the $3,720 resistance zone or $4,000 in the near term.


Looking at the chart, Ethereum price is clearly trading above the $3,120 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $3,000 support zone.


Technical indicators


4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.


4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.


Key Support Levels – $3,050, followed by the $3,000 zone.


Key Resistance$ Levels – $3,220 and $3,400.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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