Ethereum has recently reached a new multi-month high, surpassing the $3,400 mark. Similar to Bitcoin, ETH appears to be consolidating and preparing for another bullish run. The price is currently above $3,350 and is trading above the 100-hourly Simple Moving Average. Additionally, there is a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD.
After breaking above the $3,000 pivot level, Ethereum has maintained a bullish momentum. Bitcoin also experienced significant movements above the $60,000 resistance level, approaching $64,000. ETH followed suit by rising above $3,320 and surging over 10%, even reaching $3,500. However, a sharp decline resulted in a low of $3,111 before initiating a fresh increase. Currently, Ethereum is still above the 23.6% Fib retracement level and is trading above $3,350 along with the 100-hourly Simple Moving Average.
As per technical indicators, the hourly MACD for ETH/USD is showing momentum in the bullish zone while the hourly RSI is above the 50 level. Key resistance levels include $3,450, $3,500, and potentially $3,550, which could signal a bullish trend. On the downside, initial support lies near $3,380, followed by major support around the $3,285 zone. A break below $3,250 support may lead to a further decline toward $3,120 and potentially $3,050.
If Ethereum manages to breach the $3,550 resistance, it could rally towards $3,680 and potentially test $3,800. However, failure to surpass the $3,450 resistance may trigger a downside correction. It is crucial for traders and investors to keep a close eye on key support and resistance levels to make informed decisions. Additionally, conducting thorough research and analysis is advised before engaging in any investment activities.
Ethereum’s price movements are closely tied to market trends, technical indicators, and external factors such as regulatory developments and market sentiment. While the current outlook appears positive, it is important to remain vigilant and adaptable in response to changing market conditions. Investing in cryptocurrencies carries inherent risks, and individuals should exercise caution and due diligence when entering the market.
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