๐๐๐ #Ethereum Price Momentum Reignites As The Bulls Aim For $4K
Ethereum's price is making a fresh attempt to surge above the $3,500 region, with a crucial obstacle at the $3,680 resistance level that needs to be surpassed for further upside potential in the short term.
The #cryptocurrency is gaining traction above the $3,500 support mark and has breached the $3,600 level, accompanied by trading above the 100-hourly Simple Moving Average. A notable bullish trend line is taking shape, providing support at around $3,560 on the hourly chart of ETH/USD sourced via Kraken.
Having surpassed the $3,650 resistance area, Ethereum reached a peak at $3,680 and is presently consolidating its gains. It's maintaining its position above the 23.6% Fibonacci retracement level of the upward swing from the $3,301 swing low to the $3,680 high.
Resistance-wise, the immediate hurdle is positioned near $3,680, followed by a more substantial barrier at $3,720.
Beyond that, the next key resistance zone is at $3,750, where a breakout could trigger a bullish trend. In such a scenario, ETH may aim for a rally towards the $3,880 level. A further ascent could lead to a test of the $4,000 resistance mark, with potential for further gains towards $4,080.
However, if Ethereum fails to overcome the $3,680 resistance, a downside correction might commence. Initial support lies near $3,600, followed by a crucial support area around $3,580, coinciding with the trend line. Further down, the $3,500 zone and the 50% Fibonacci retracement level could act as significant support levels. A breach below $3,500 might push the price towards $3,380, and extended losses could bring it down to the $3,120 level.
In terms of technical indicators, the hourly MACD for ETH/USD is displaying #bullish momentum, while the hourly RSI has surpassed the 50 level, indicating a positive momentum shift.
- Key Support: $3,600
- Key Resistance: $3,680
Source - newsbtc.com
