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NewsBTC 2024-07-16 03:18:54

Ethereum Price Rockets to $3,500 Again: Can Bulls Ignite a Higher Surge?

Ethereum Price Rockets to $3,500 Again: Can Bulls Ignite a Higher Surge?

Ethereum price gained pace above the $3,350 resistance zone. ETH even tested $3,500 and aims for more upsides in the near term. Ethereum is showing strength and tested the $3,500 level. The price is trading above $3,350 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise above the $3,500 and $3,550 resistance levels. Ethereum Price Climbs 10%, Bulls In Action Ethereum price started a major increase above the $3,250 resistance zone. ETH even climbed above the $3,350 resistance to move further into a positive zone. Finally, there was a move above the $3,440 resistance, like Bitcoin. It tested the $3,500 resistance zone. A high was formed at $3,497 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fib retracement level of the upward wave from the $3,085 swing low to the $3,497 high. Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD. 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 $3,550 level. A close above the $3,550 level might send Ether toward the $3,650 resistance. The next key resistance is near $3,720. An upside break above the $3,720 resistance might send the price higher toward the $3,880 resistance zone in the coming days. Are Dips Limited In ETH? If Ethereum fails to clear the $3,500 resistance, it could start a downside correction. Initial support on the downside is near $3,400. The first major support sits near the $3,320 zone and the trend line. A clear move below the $3,320 support might push the price toward $3,270 or the 50% Fib retracement level of the upward wave from the $3,085 swing low to the $3,497 high. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,150. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,320 Major Resistance Level – $3,500

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