Ethereum Price Analysis: Bullish Trend Above $3,540?
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Ethereum (ETH) price shows strength, recovering from support near the $3,540 level and potentially resuming its uptrend. A recent surge pushed ETH above the $3,550, $3,580, and even $3,700 resistance levels, although bears briefly intervened near $3,750. The price corrected, briefly dipping below $3,620 before recovering above $3,600 and the 100-hourly Simple Moving Average. Technical indicators like the hourly MACD and RSI are bullish, suggesting further upward momentum. The key resistance levels to watch are $3,700, $3,720, and $3,750. A decisive break above $3,750 could propel ETH towards $3,820, $4,000, and potentially even $4,120. However, failure to surpass $3,720 might trigger a decline. Support levels include $3,620, $3,580, $3,540, $3,440, and $3,350. The overall outlook is cautiously optimistic, with the potential for further gains if the price sustains itself above the crucial $3,540 support zone and breaks through key resistance levels. Traders should monitor these levels closely to gauge the strength of the uptrend and manage risk appropriately. The analysis highlights the importance of technical indicators in predicting price movements and the need to identify both support and resistance levels to make informed trading decisions. The price action suggests a dynamic interplay between bullish and bearish forces, with the potential for significant price fluctuations in the near term.
(Source: https://www.newsbtc.com/analysis/eth/ethereum-price-looks-strong-3540/)
