Ethereum Price Hints at Upside: Analyzing The Bullish Signals
28 June 2024 - 1:28PM
NEWSBTC
Ethereum price is attempting a fresh increase above the $3,420
resistance zone. ETH is now struggling to clear the $3,480 and
$3,520 resistance levels. Ethereum slowly moved higher above the
$3,420 zone. The price is trading above $3,400 and the 100-hourly
Simple Moving Average. There was a break above a connecting bearish
trend line with resistance near $3,390 on the hourly chart of
ETH/USD (data feed via Kraken). The pair must clear the $3,480 and
$3,520 resistance levels to continue higher. Ethereum Price
Recovers Slightly Ethereum price started a decent recovery wave
above the $3,350 level. ETH even cleared the $3,400 level and
outperformed Bitcoin. There was a break above a connecting bearish
trend line with resistance near $3,390 on the hourly chart of
ETH/USD. The pair even cleared the $3,450 resistance zone. A high
was formed at $3,482 and the price is now consolidating gains.
There was a move below the $3,450 level. The price dipped below the
23.6% Fib retracement level of the upward move from the $3,328
swing low to the $3,482 high. The bulls are now trying to protect
more downsides below the $3,420 level. Ethereum is trading above
$3,400 and the 100-hourly Simple Moving Average. On the upside, the
price is facing resistance near the $3,480 level. The first major
resistance is near the $3,500 level. The next major hurdle is near
the $3,520 level. A close above the $3,520 level might send Ether
toward the $3,550 resistance. The next key resistance is near
$3,620. An upside break above the $3,620 resistance might send the
price higher. Any more gains could send Ether toward the $3,740
resistance zone. Another Drop In ETH? If Ethereum fails to clear
the $3,480 resistance, it could start another decline. Initial
support on the downside is near $3,420. The first major support
sits near the $3,400 zone and the 50% Fib retracement level of the
upward move from the $3,328 swing low to the $3,482 high. A clear
move below the $3,400 support might push the price toward $3,320.
Any more losses might send the price toward the $3,240 level in the
near term. Technical Indicators Hourly MACD – The MACD for ETH/USD
is gaining momentum in the bullish zone. Hourly RSI – The RSI for
ETH/USD is now above the 50 zone. Major Support Level – $3,400
Major Resistance Level – $3,480
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