Ethereum gears up for new lift-off and the coin could test $3750 as we can see more today in our latest Ethereum news.
Ethereum remained stable above the $3400 level against the dollar with the price rising and eyeing an upside break above the $3550 resistance zone. ETH started a new increase after having tested the $3400 support zone. The price is now trading near $3500 and the 100-hour simple moving average but there’s also a connecting bearish trend line forming with the resistance of $3530 on the hourly charts of the pair. The pair could start a new increase If it manages to clear the trend line and $3550.
Ethereum extended the drop below the $3440 level but the bulls protected a new downside break below the support zone of $3400. the bulls were also active close to the 50% fib retracement level for the key increase of $3215 swing low to $3580 high. It seems that the double bottom pattern was formed near $3400 and the price started a new increase with a move above the $3500 level and the 100 hourly simple moving average. The price is facing a new resistance near $3525 and there’s also a connecting bearish trend lien that formed near the resistance of $3530 on the hourly charts of the pair.
The new resistance is near the $3580 level so if the ETH price clears the $3580 resistance zone, it could start a new increase and in the stated case, the price could climb above the $3600 zone with the next major stop for the bulls being on the $3750 level. Ethereum gears up for a new rise but if it fails to start a new increase above $3850, it could start another downside correction with initial support being the $3450 level. The next support is near the $3400 level and if there’s another break below the $3400 support, the price can test $3350 nearing the 61.8% fib retracement level of the key increase from the $3215 low to $3580 high. More losses could set the pace for a new move to the $3220 support zone. The hourly MACD for the pair is gaining pace in the bullish zone while the RSI is above the 50 levels.
As earlier reported, The new data shows that Ethereum miners recorded $1.29 billion in revenue in March but this is still a long way down from the ATH registered in November. According to the data from The Block, the total monthly revenue made by the ETH miners increased by 7.2% from February to March this year. Maybe most importantly,y this meant that they managed to break the dropping trend that started back in 2021.
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