Ethereum price analysis today
Let's refer to today's ethereum price analysis on March 24 to make appropriate decisions about this upcoming asset!
Ethereum price is holding gains above the $3,120 resistance area. ETH could soon rally if it breaks above the $3,280 resistance area.
- Ethereum extended its gains above the $3,220 resistance area.
- The price is trading above $3,165 and the 100 SMA.
- There is a key uptrend line forming with support at $3,170.
- ETH could continue to rise if it breaks above the $3,280 resistance area.
Ethereum price holds support
Ethereum price remains in positive territory above the $3,000 level . ETH extended its gains above the $3,150 and $3,165 resistance levels. It even spiked above the $3,250 resistance level.
It traded to a new weekly high at $3,263 and recently corrected lower. There was a minor decline below the $3,220 level. Ether fell below the 50% Fib retracement level of the recent wave from $3,154 to $3,263.
However, the bulls have been active above the $3,200 level. The 61.8% Fib retracement level of the recent wave from $3,154 to $3,263 Vai as support.
Ethereum is currently trading above $3,200 and the 100 SMA . There is also a key uptrend line forming with support at $3,170. Immediate resistance is near the $3,250 level. The first major resistance is near the $3,280 level.
Source: TradingView
The next key resistance lies at $3,350, above which the price could gain traction and rally to $3,500. A close above the $3,500 resistance could send the price towards the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,750 resistance. Any further gains could send Ether towards the $3,880 resistance area in the coming days.
In case ETH drops further
If Ethereum fails to clear the $3,280 resistance, it could start a downside correction. Initial support on the downside is near the $3,200 level. The first major support is near the $3,180 area and the trendline.
The main support is near the $3,120 level. A clear move below the $3,120 support could increase the selling pressure and push the price towards $3,030. Any further losses could push the price towards $2,850 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 currently above the 50 level.
Major support level – 3,120 USD
Key resistance – $3,280
According to NewsBTC
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