Ethereum Gears Up For New Lift-Off, ETH Could Test $3750

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.

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ETH 24-hour Price Chart (Source: coingecko)

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.

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ETH 7-day Price Chart (Source: Coingecko)

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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Author: Stefan