#BullishTrendLine

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Ethereum Price Analysis: Surge Towards $4000 Imminent

Ethereum's price is breaking above the $3550 resistance level, closely following Bitcoin's lead and potentially targeting the $4000 resistance zone soon. Ethereum Initiates a Fresh Rally Ethereum's price surge persists above the $3500 mark, mirroring Bitcoin's upward momentum. BTC surged and surpassed the $68,000 level. ETH exhibits signs of strength, climbing above $3650. A significant move above $3700 has occurred, marking a new multi-month high at $3715. Currently, the price is consolidating gains, trading above the 23.6% Fibonacci retracement level. Ethereum is currently trading above $3650 and the 100-hour simple moving average. On the hourly ETH/USD chart, a bullish trend line is forming with support near $3600, closely aligning with the 50% Fibonacci retracement level. Resistance Levels and Potential Upside Immediate resistance to the upside lies near $3720, followed by significant levels at $3780 and $3850. A break above $3850 could fuel bullish momentum, possibly targeting $3920 next. If Ethereum moves above the $3920 resistance, it could even rally towards $4000, potentially requiring a test of $4200 for further upside. Downside Correction for Ethereum? Failure to overcome the $3720 resistance might trigger a downside correction. Initial support is near $3650, followed by the $3600 zone and the bullish trend line. A significant support zone lies near $3550, with further losses possibly extending to $3420 and $3350. Technical Indicators - Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone. - Hourly RSI: The RSI for ETH/USD is currently above the 50 level. Key Levels - Primary Support: $3600 - Primary Resistance: $3720 Read the full article

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