Analysis and Predictions: Ethereum (ETH) Potential to Surpass $4,000?

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Bittime  - Ethereum (ETH) price is surging above the $3,600 level against the US Dollar. ETH/USD has the potential to rise further if it manages to pass the $3,680 resistance zone.

Ethereum (ETH) Price Analysis

In the last few sessions, Ethereum witnessed a significant rise above the $3,300 level against the US Dollar. Ethereum (ETH) price was able to shoot above the $3,500 level and passed the 55-period (4-hour) simple moving average.

Optimistic market players even pushed the price beyond the $3,600 resistance zone. The price reached its highest point around $3,678 and is currently in a consolidation stage. Ethereum is currently trading above the $3,600 level and the 23.6% Fibonacci retracement level of the bullish wave between the low of $3,185 and the high of $3,678.

Ether price is showing positive signals above $3,600 and the 55-period (4-hour) simple moving average. There is a bullish trend line forming with support around $3,550 on the 4-hour chart.

Ethereum (ETH) Resistance and Support

The nearest resistance on the upside is near the $3,680 level. The next major resistance is around the $3,720 zone. A clear break above the $3,720 level could take the price towards $3,850. Further gains may even push the price to the $3,900 or $4,000 resistance zone in the near term.

Meanwhile, on the downside, initial support is near the $3,550 level. The next major support is now near the $3,440 level or the 50% Fibonacci retracement level of the upward wave between the $3,185 low and the $3,678 high. If the price breaks this level, it may test $3,300. A break below the $3,300 support could push the price to $3,120. Further declines could take the price to $3,000.

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Ethereum (ETH) Price Today on Bittime

Source: Bittime.com

On March 5, 2024, the price of Ethereum (ETH) was at IDR 58,432,786 per coin, up 6.68% in 24 hours, 6.20% in the last week and 15% in the last 30 days.

Technical Indicators

• 4-hour MACD - The MACD for ETH/USD is currently gaining momentum in the bullish zone.
• 4-hour RSI (Relative Strength Index) - The RSI for ETH/USD is currently above the 50 level.

Important Support Levels

• $3,550
• $3,300

Important Resistance Levels

• $3,680
• $3,850

Ethereum (ETH) Conclusion

Technical analysis shows that Ethereum (ETH) price has the potential to continue its upward trajectory in the near future. However, it is important to note that the crypto market is highly volatile and conditions can change quickly. Investors should always do their own research before making an investment decision.

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How to Buy Ethereum (ETH) on Bittime

You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn the complete guide on how to buy Ethereum (ETH) on Bittime. 

Monitor price chart movements for Ethereum (ETH) , Bitcoin (BTC) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Ethereum Price Skyrockets After US Purchase on Coinbase, Buy ETH Now?

Crypto Market Upheaval: Impact of Ethereum Foundation's $13 Million Sale, Watch Out for a Sharp Correction?

Ethereum Price Moves Towards $4,000: Will ETH/IDR Set a New Record?

DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.