Ethereum price is showing positive signs above the $3,550 zone. ETH must clear the $3,680 resistance to continue higher in the near term.
- Ethereum started another increase above the $3,550 resistance zone.
- The price is trading above $3,550 and the 100-hourly Simple Moving Average.
- There is a major bullish trend line forming with support at $3,590 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,680 resistance zone.
The uptrend for Ethereum’s price persists.
The Ethereum price has surged past the $3,500 resistance barrier once again. Bullish momentum propelled ETH above $3,580, mirroring Bitcoin’s movement.
Furthermore, Ethereum surpassed the $3,650 resistance area, reaching a peak at $3,680, but subsequently underwent a corrective pullback. Despite dipping below $3,600, the price remains above key support levels. Specifically, it retraced below the 23.6% Fibonacci retracement level of the recent upswing, stretching from the $3,302 low to the $3,680 high.
Presently, Ethereum is trading above $3,580 and the 100-hourly Simple Moving Average (SMA). Additionally, an important bullish trend line is taking shape on the hourly chart of ETH/USD, with a support base around $3,590.
![](https://sollcrypto.com/wp-content/uploads/2024/03/Screen-Shot-2024-03-27-at-7.34.25-AM.png)
Looking ahead, the immediate resistance hovers around the $3,640 mark, with the initial significant resistance lying near $3,680. Beyond that, a crucial resistance barrier stands at $3,720, breaking which could trigger further bullish momentum. In such a scenario, Ether could rally towards the $3,800 level. A successful breach above $3,800 might propel Ethereum higher towards the $3,880 resistance. Continued upward movement could potentially lead to a test of the $4,000 mark.
Is there support for downward movements in ETH?
Should Ethereum struggle to surpass the $3,640 resistance, it could initiate a new downtrend. Initial support awaits near the $3,590 level and the established trend line.
A primary support zone lies around $3,550, followed by potential key support at $3,500 or the 50% Fibonacci retracement level from the recent upward movement between the $3,302 swing low and $3,680 high. A decisive breach below the $3,500 mark could pave the way for a decline towards $3,390. Further losses may drive the price towards the $3,250 level.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD shows a diminishing bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Key Levels:
Major Support – $3,590
Major Resistance – $3,680