Ether Price Continues Its Rise And Breaks Through The $3,700 Mark

Mar 05, 2024 at 05:14 // Price
Coin Idol

The price of Ethereum (ETH) is hovering between $3,700 and $3,730.

Long-term analysis of the Ethereum price: bullish

The price of Ethereum (ETH) has continued its uptrend, reaching a high of $3,521.00 on February 29, 2024. Buyers reach a new high after breaking through the psychological price mark of $3,000 On February 29, 2024, the largest altcoin reached a high of $3,521 before entering a sideways trend.

On the upside, if buyers keep the price above the recent high, Ethereum will rally above the $3,800 mark. On the downside, if the price of the cryptocurrency falls below the $3,300 support level or the 21-day SMA, the bears could undermine the current rally.

Analysis of the Ethereum  indicators

Ether's price movement has been delayed due to the dominance of Doji candlesticks. Currently, both price bars are above the moving average lines. The upward moving average lines have formed a bullish crossover. In other words, an uptrend is indicated when the 21-day SMA crosses above the 50-day SMA.

Technical indicators: 

Key resistance levels – $3,400 and $3,800

Key support levels – $3,000 and $2,600

ETHUSD_(4-hour Chart) – March 3.jpg

What's next for Ethereum?

The largest altcoin has been in a sideways trend since the end of the uptrend on February 29, 2024. The altcoin is trading in a limited range of $3,300 to $3,520.

ETHUSD_(Daily Chart) –March 3.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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