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ETH Breaks $3,500 Resistance In Continued Uptrend

Created by TradeOr

Cryptocurrency 04 Apr 2022
Ethereum has accelerated above the $3,500 resistance level against the US dollar.

The price of ETH is stabilizing and may seek further advances above the $3,550 resistance level. The popular cryptocurrency was well bid over the pivot level of $3,400, where it gained a foothold and launched a fresh rally.

Ethereum Aiming For Further Gains

There was a clear advance above the $3,500 level and the 100 hourly simple moving average. The price even soared past $3,550, reaching as high as $3,580. The price is currently correcting lower and settling around $3,500. The upward rise from the $3,215 swing low to the $3,580 high was retraced at a 23.6% Fib retracement level. Nevertheless, the price of ether remains stable above $3,480.

A key rising channel is forming on the hourly chart of ETH/USD with support near $3,455. On the upside, the price will hit resistance near the $3,525 mark. The next major resistance level is around $3,575. However, to begin a new surge, the price of Ether must break through the $3,575 resistance level.

Tumbles Supported In ETH?

If Ethereum fails to break through the $3,525 resistance mark, it may continue to tumble. On the downside, $3,500 serves as an initial support level.

The next significant support is near $3,425 and the 100 hourly simple moving average. The main support is near $3,400, or the 50% Fib retracement level of the upward move from the $3,215 swing low to the $3,580 high. A break below the $3,400 support zone on the downside might bring the price down to the $3,220 level.


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