The price of Ethereum is continuing to rise above $3,500. If Ethereum is able to break above the $3,680 resistance level in the near future, bullish momentum might follow.
The Price of Ethereum is Aiming for Another Rise
After breaking below $3,550 and testing the $3,450 support level, the price of Ethereum had a decline that was comparable to that of Bitcoin’s rise. It made a low at $3,459 and then began to rise again.
Bulls propelled the price of ETH beyond the 50% Fibonacci retracement level of the drop from the $3,680 swing high to the $3,459 low, marking a breach above the $3,520 resistance area. On the hourly chart of ETH/USD, there was also a breakout over a notable negative trend line with resistance at $3,540.
At present, the price of Ethereum is higher than $3,520 and the 100-hourly Simple Moving Average. In the near future, immediate resistance is expected to be around $3,600. The principal barrier is located in the vicinity of $3,630, which corresponds to the 76.4% Fibonacci retracement level of the drop from the $3,680 swing high to the $3,459 low.
If Ethereum is unable to break above the $3,630 barrier, it might start to depreciate again. A first level of funding is anticipated at $3,540.
In the event of more decline, the $3,480 region serves as the first significant support and the $3,450 level serves as the crucial support. Should there be a noteworthy breach below the $3,450 support, the price may move toward $3,325. Losses in the future could push the price down to $3,250.
March 2024, Cryptoniteuae
