Ethereum

2024

Gains

BNB price is attempting a fresh increase from the $550 zone. The price cleared the $600 resistance and might extend its increase above $630. 
<ul> 
 <li>BNB price started a fresh increase after it cleared the $550 resistance zone.</li> 
 <li>The price is now trading above $580 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could gain bullish momentum if it clears the $608-$610 resistance zone.</li> 
</ul> 
<h2 id="bnb-price-gains-strength">BNB Price Gains Strength</h2> 
After forming a base above the $520 level, BNB price started a fresh increase. There was a steady increase above the $550 and $565 resistance levels, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-reversal-3400/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-extends-increase-67k/" target="_blank" rel="noopener ">Bitcoin</a>. 
The bulls pushed the price above the $580 pivot level and the 61.8% Fib retracement level of the downward wave from the $630 swing high to the $512 low. More importantly, the price is now trading above $580 and the 100 simple moving average (4 hours). 
It is consolidating just above the 76.4% Fib retracement level of the downward wave from the $630 swing high to the $512 low. There is also a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB-3.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-604600" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB-3.png?resize=1024%2C461" alt="BNB Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB-3.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB-3.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB-3.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB-3.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB-3.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB-3.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB-3.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BNBUSD/" target="_blank" rel="noopener nofollow">BNBUSD on TradingView.com</a> 
Immediate resistance is near the $608 level. The next resistance sits near the $630 level. A clear move above the $630 zone could send the price further higher. In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger increase toward the $680 resistance. Any more gains might call for a test of the $720 level in the coming days. 
<h2 id="are-dips-supported">Are Dips Supported?</h2> 
If BNB fails to clear the $608 resistance, it could start a downside correction. Initial support on the downside is near the $592 level and the trend line. 
The next major support is near the $585 level. The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level. 
Technical Indicators 
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. 
Major Support Levels – $592, $585, and $570. 
Major Resistance Levels – $608, $630, and $650.

BNB Price Reclaims $600 and Bulls Could Now Aim For New 2024 High

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