The Current Status of Ethereum Price

The Current Status of Ethereum Price

As of the latest data feed via Kraken, Ethereum price is on the rise and is pumping above the $3,550 resistance level. ETH seems to be closely following Bitcoin’s movement and there are indications that it might soon rally toward the $4,000 resistance zone. The price is currently trading above $3,650 and the 100-hourly Simple Moving Average.

There is a connecting bullish trend line forming with support at $3,600 on the hourly chart of ETH/USD. The pair appears to be setting up for a move towards the $3,850 and $4,000 levels. This surge in Ethereum price comes as Bitcoin experienced a significant surge, spiking above the $68,000 level.

Ethereum price extended its rally above $3,500 and reached a new multi-month high at $3,715. The price is currently consolidating gains and trading above the 23.6% Fib retracement level of the upward move from the $3,465 swing low to the $3,715 high. The immediate resistance on the upside is near the $3,720 level, with major resistance levels at $3,780 and $3,850.

If Ethereum manages to break above the $3,920 resistance level, it could rally towards the $4,000 mark and potentially test $4,200. However, a failure to clear the $3,720 resistance could lead to a downside correction. Initial support on the downside is near $3,650, followed by major support at the $3,600 zone and the trend line. A clear move below the $3,550 support level might signal a further decline towards $3,420.

The Hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential further upside. The Hourly RSI is now above the 50 level, supporting the bullish sentiment. Major support is at $3,600, while major resistance is at $3,720.

It is important to note that the information provided in this article is for educational purposes only. It does not reflect the opinions of NewsBTC on investment decisions. Investing in cryptocurrencies carries inherent risks, and it is highly advisable to conduct thorough research before making any investment decisions. Any actions taken based on the information provided here are done entirely at your own risk.

Analysis

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