The Ethereum price remains stable above the $3,500 mark, indicating potential for further gains. A bullish trend may strengthen if it surpasses the $3,680 resistance level soon.
Having retested the $3,450 mark, Ethereum is currently on an upward trajectory. It is trading above $3,500, supported by the 100-hourly Simple Moving Average. Notably, a significant breakthrough occurred as a key bearish trend line was breached, with resistance observed at $3,540 according to the hourly chart of ETH/USD (data feed via Kraken). The possibility of heightened bullish momentum looms if the cryptocurrency manages to establish stability beyond the $3,680 resistance zone.
Ethereum’s Price Set to Surge Again
Ethereum’s price experienced a downward correction, slipping below the $3,550 mark. Following this, ETH retested the $3,450 range before encountering bullish momentum, akin to Bitcoin’s movement. A bottom formed around $3,459, leading to a recent upward surge.
This surge saw a breach above the $3,520 resistance area. Bulls further propelled the price past the 50% Fibonacci retracement level of the earlier downward swing from the $3,680 high to the $3,459 low. Additionally, a significant breakthrough occurred as a key bearish trend line, previously resistance at $3,540, was surpassed according to the hourly chart of ETH/USD.
Currently, Ethereum is trading above $3,520, supported by the 100-hourly Simple Moving Average. Looking ahead, immediate resistance lies near the $3,600 mark, with the first major hurdle positioned around $3,630. This level aligns closely with the 76.4% Fibonacci retracement level of the earlier downward move from the $3,680 high to the $3,459 low.
![](https://sollcrypto.com/wp-content/uploads/2024/03/Screen-Shot-2024-03-29-at-7.55.08-AM.png)
The subsequent significant resistance is at $3,680, surpassing which could propel the price into a bullish phase. Should this scenario unfold, Ethereum might surge towards the $3,800 threshold. Further advancement beyond the $3,880 resistance level could potentially drive Ethereum’s ascent towards the $3,920 resistance. Continued upward momentum may lead to a test of the $4,000 mark.
Could Ethereum Experience Another Downturn?
Should Ethereum fail to surpass the $3,630 resistance, it may initiate another downward trend. Initial support is anticipated around the $3,540 mark.
The primary support level rests near $3,480, followed by the pivotal support at $3,450. A decisive breach beneath the $3,450 threshold could prompt a descent towards $3,325, with further declines potentially targeting the $3,250 level.
Technical indicators suggest a waning bullish momentum, with the hourly MACD for ETH/USD showing signs of weakening in the bullish region. Conversely, the hourly RSI for ETH/USD is currently above the 50 level.
Key Levels to Watch:
- Major Support: $3,450
- Major Resistance: $3,680