As a researcher with experience in cryptocurrency markets, I’m excited to see Ethereum price extending its increase above the $3,900 resistance. The consolidation near $3,880 is a normal occurrence in uptrends and suggests that ETH might continue to grind higher in the near term.
As a crypto investor, I’ve observed Ethereum‘s price breaking through the $3,900 resistance and currently consolidating around $3,880. In the short term, I anticipate further upward momentum for ETH.
- 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
The price of Ethereum held steady above the $3,650 mark, acting as a strong foundation for further growth. Subsequently, Ethereum surpassed Bitcoin‘s performance and broke through the $3,750 barrier.
The price surged past the $3,850 barrier, thanks to the bulls’ efforts. It then overcame the resistance at $3,940. The stock hovered around the $4,000 threshold. A peak was reached close to $3,973, but now, the price is pulling back from its gains. There was a small dip beneath the $3,920 mark.
The cost for Ethereum dropped beneath the 23.6% Fibonacci retracement mark in its uptrend from the $3,630 nadir to $3,973. At present, Ethereum’s price is above $3,850 and the 100-hour SMA. Additionally, a significant bullish trend line is emerging on the hourly ETH/USD chart, with support at $3,860.
As an analyst, I’d interpret the price action as follows: The immediate barrier to further upward movement lies around the $3,940 mark. Beyond that, the first substantial resistance can be found at approximately $3,970. Overcoming this hurdle could potentially propel the price upwards. Subsequently, a crucial resistance awaits at the $4,000 level. Clearing this resistance might provide the necessary momentum for the price to advance towards the $4,080 region.
Should the price break above the $4,080 mark with conviction, it may push higher to encounter resistance at $4,220. Further advancements could potentially carry Ether up to the $4,350 resistance area.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,940 barrier, there’s a likelihood it might keep descending. A preliminary floor can be found around $3,860 and the trendline.
As a crypto investor, I closely monitor the market and keep track of key support levels. The next significant support lies around the $3,800 zone or the 50% Fibonacci retracement level, marking halfway points between our recent swing low at $3,630 and high of $3,973. A definitive drop below this support could potentially trigger further selling pressure, possibly pushing the price down to around $3,720. Continued losses may even lead us back towards the $3,630 level in the short 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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2024-05-28 04:52