Ethereum’s Price Breaks above $3,600 as an Upward Trend Begins

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Ethereum (ETH) Current Statistics
The current price: $3,625.65
Market Capitalization: $437,022,308,528
Trading Volume: $26,519,803,913
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis March 5, 2024
Ethereum’s (ETH) price hits the expected target of $3,600 as an upward trend begins. The largest altcoin has risen to a high of $3,621 as of the time of writing. The cryptocurrency asset has broken above the $3,600 high, signaling the commencement of another round of upward momentum.

On the upside, Ethereum is anticipated to reach a high of $4,000. The current price has surpassed the historical price threshold of $3,578 set on March 28, 2022. On the upside, the altcoin faces an initial resistance at the current high of $3,600.

If the largest altcoin is rejected at its recent high, it will fall above the 21-day SMA. A breach below the 21-day SMA will signal the end of the uptrend.

ETH Technical Indicators Reading
Ether price bars are distinguished by Doji candlesticks that appear above the moving average lines. The Doji candlesticks force the price to move steadily above the moving average lines. The 21-day SMA operates as a price bar that serves as a support line when the market bounces.

Conclusion
The 4-hour chart shows Ether bouncing above the moving average lines as an upward trend begins. The cryptocurrency signal has been positive since the rise started again. Price bars have also maintained their positive trend by staying above the moving average lines.

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