Potential for Ethereum Price Surge: Analysis and Outlook
Ethereum’s price is displaying encouraging signs above the $3,550 mark, suggesting a potential for a bullish run in the near future. To sustain this upward momentum, ETH needs to surpass the $3,680 resistance level.
At present, Ethereum has initiated another upward movement above the critical $3,550 resistance level. The price is comfortably trading above both $3,550 and the 100-hourly Simple Moving Average, indicating a positive trend. Furthermore, a significant bullish trend line is forming, displaying support at $3,590 on the hourly chart of ETH/USD (data feed via Kraken).
To continue its ascent, Ethereum must break above the $3,680 resistance. This breakthrough could potentially lead to further gains. Even higher resistances lie at $3,720, $3,800, and $3,880. In the event of surpassing $3,880, Ethereum has the capability to test the $4,000 level.
Nevertheless, should Ethereum fail to clear the $3,640 hurdle, a downtrend might ensue. Initially, there is support near the $3,590 level and the trend line. The major support lies around the $3,550 zone, followed by the $3,500 area or the 50% Fib retracement level from the move between the swing low of $3,302 and the high of $3,680. A break below $3,500 could lead to further losses, potentially testing the $3,390 and $3,250 levels.
Regarding the technical indicators, the hourly MACD for ETH/USD is currently losing momentum within the bullish zone. On the hourly chart, the RSI has exceeded the 50 level.
Remember, this analysis is strictly for educational purposes. NewsBTC does not provide financial advice. Before making any investment decisions, it is recommended that you conduct your own research and consider the risks involved.