[Bitop Market Review] Ethereum Price Analysis on March 27, 2024

1. Price Trend:
Ethereum’s price has once again surged above the $3,500 resistance level, with bulls pushing the price above $3,580 into bullish territory, even reaching above the $3,650 resistance level. Before undergoing a corrective downturn, the price formed a high around $3,680. Eventually, there was a slight decline below the $3,600 level. Currently, the trading price is above $3,580 and the 100-hour simple moving average. Ethereum may continue its upward movement in the short term if it breaks above the $3,680 resistance level.
2. Potential Upside Opportunities:
The immediate resistance for Ethereum is around $3,640. The first major resistance level is near $3,680, and if breached, the price may rise to the $3,720 level. Upon breaking the $3,720 resistance level, the price could surge to around $3,800. If it surpasses the $3,800 resistance level, there’s potential for further gains towards $3,880 or even $4,000.
3. Potential Downside Risks:
If Ethereum fails to break above the $3,640 resistance level, the initial support may be found near the $3,590 level. The first major support is around the $3,550 area, followed by a critical support zone around $3,500. A significant drop below $3,500 could push the price lower towards $3,390 or even $3,250.
4. Technical Indicators:
Hourly MACD — The MACD for ETH/USD is currently losing momentum in the bullish zone, indicating a potential weakening of buying pressure in the market, which could be interpreted as a bearish signal.
Hourly RSI — The RSI for ETH/USD is currently above the 50 level, suggesting relatively strong buying pressure.
Resistance levels:
First resistance: 3680
Second resistance: 3720
Support levels:
First support: 3550
Second support: 3500
Trading direction: Short
Entry position: 3670–3700
Stop loss: 3750
Take profit: 3580–3550
Trading direction: Long
Entry position: 3560–3540
Stop loss: 3500
Take profit: 3650–3670
Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.