Ethereum (ETH) is showing a steady increase above the USD 3,550 resistance zone, boosting bullish sentiment among investors. Currently, Ethereum is trading above $3,550 and the 100-hour Simple Moving Average. A strong uptrend is observed in the ETH/USD pair, supported by the USD 3,590 level. This indicates that Ethereum, a leading altcoin, has the potential for further gains in the short term.

A critical resistance level for Ethereum

ETH is facing a key resistance: the USD 3,680 level. In order for the Ethereum price to continue its rise and reach higher levels, this resistance must be overcome. Recently, Ethereum managed to rise above the USD 3,580 level, with support from other cryptocurrencies such as Bitcoin.

However, minor corrections are visible before the price reaches the USD 3,680 resistance zone. These corrections may contribute to healthy market consolidation and the development of a more robust uptrend.

Currently, the first major resistance level for ETH/USD is around $3,640. Nevertheless, the real critical resistance is found at the USD 3,680 level. If Ethereum breaks this resistance, it is likely to take price towards the $3,720 level.

If this upward momentum continues, ETH could quickly rise towards the USD 3,800 resistance level.

What are the possible negative developments for altcoin ETH?

Altcoin ETH could enter a new downtrend if it is unable to overcome the USD 3,640 resistance. The initial support at $3,590 and the proximity of the trendline reinforce this downward pressure. Technical analysis shows that the first major support is located around $3,550.

However, the more significant support zone around $3,500 or the 50% Fib retracement level of the upward move from $3,302 to $3,680 should also be taken into account. A break below the USD 3,500 support could lead leading altcoin Ethereum to USD 3,390, and further losses could push the price down towards the USD 3,250 level.

According to indicators, the hourly MACD for ETH/USD is losing momentum, while the hourly RSI is currently above the 50 level. These indicators indicate that price fluctuations may persist. At the time of writing this article, Ethereum is trading at the $2,602 level.

Source: https://cryptobenelux.com/2024/03/28/ethereum-eth-richting-grote-weerstand-op-3-680/



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