Ethereum price extended its increase above the $3,900 resistance. ETH is now consolidating near $3,880 and might continue to grind higher in the near term.

Ethereum started another increase above the $3,850 resistance.
The price is trading above $3,850 and the 100-hourly Simple Moving Average.
There is a major bullish trend line forming with support at $3,860 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up and test the $4,000 resistance zone in the near term.

Ethereum Price Eyes $4,000

Ethereum price remained supported above the $3,650 support zone. ETH started another increase, outperformed Bitcoin, and climbed above the $3,750 level.

There was a move above the $3,850 resistance. The bulls pushed the price above the $3,940 resistance. It traded close to the $4,000 resistance. A high was formed near $3,973 and the price is now correcting gains. There was a minor decline below the $3,920 level.

The price dipped below the 23.6% Fib retracement level of the upward move from the $3,630 swing low to the $3,973 high. Ethereum price is trading above $3,850 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support at $3,860 on the hourly chart of ETH/USD.

Immediate resistance is near the $3,940 level. The first major resistance is near the $3,970 level. An upside break above the $3,970 resistance might send the price higher. The next key resistance sits at $4,000, above which the price might gain traction and rise toward the $4,080 level.

If there is a clear move above the $4,080 level, the price might rise and test the $4,220 resistance. Any more gains could send Ether toward the $4,350 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $3,940 resistance, it could continue to move down. Initial support on the downside is near the $3,860 level and the trend line.

The next major support is near the $3,800 zone or the 50% Fib retracement level of the upward move from the $3,630 swing low to the $3,973 high. A clear move below the $3,800 support might push the price toward $3,720. Any more losses might send the price toward the $3,630 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still above the 50 zone.

Major Support Level – $3,800

Major Resistance Level – $3,940

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Filed under: Bitcoin - @ May 28, 2024 1:48 am