As a seasoned crypto investor with experience in following Ethereum’s price movements, I believe that the recent dip in Ethereum’s price is just a consolidation before another potential upswing. The price action suggests that ETH is trading above key support levels, including $3,720 and the 100-hourly Simple Moving Average. Furthermore, there is a bullish trend line forming on the hourly chart, adding to my confidence in Ethereum’s potential for more gains.
As a crypto investor, I’ve noticed that Ethereum‘s price took a significant downturn after reaching a peak at around $3,940. Currently, ETH hovers around $3,850, with potential for further gains in the short term.
- Ethereum started a consolidation after it rallied toward the $3,940 resistance zone.
The price is trading above $3,720 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up unless there is a break below the $3,620 support.
Ethereum Price Eyes More Gains
As a crypto investor, I’ve noticed Ethereum’s price breaking through resistance levels of $3,700 and $3,750, outpacing Bitcoin in the process. The price soared even higher, reaching a new weekly high of $3,943 before experiencing a sudden drop.
As a crypto investor, I’ve noticed that the price took a significant dip and fell below the support levels at $3,800 and $3,750. The market reached its lowest point at around $3,530. However, the situation improved as the price managed to recover most of the losses. Now, it’s back above the 50% Fibonacci retracement level – a key indicator for measuring potential price movements – following the downward move from the swing high of $3,943 to the low of $3,530.
Currently, Ethereum is priced higher than $3,720 and the 100-hour moving average on the charts. Additionally, there’s a significant bullish trendline emerging on the hourly ETH/USD chart, providing support at this level.
The price is approaching significant resistance around $3,845 or the 76.4% Fibonacci retracement mark of the decline from $3,943 peak to $3,530 low. Initial resistance lies at $3,880, surmounting which could push the price upward.
As an analyst, I’ve identified the next significant resistance level for Ether at $3,940. If we manage to break above this price point, the coin may pick up momentum and head towards the $4,000 mark. Should we surmount that hurdle, the price could continue its upward trend and encounter the resistance at $4,080. Further gains might even propel Ether towards the $4,200 resistance zone.
Another Decline In ETH?
As a crypto investor, if Ethereum doesn’t manage to surpass the $3,840 resistance, there’s a risk of another downturn. The initial support for Ethereum lies around the $3,720 mark and the trendline.
If we look ahead, the next significant level of resistance lies around the $3,620 mark. A decisive drop beneath this resistance could potentially cause the price to fall towards $3,550. Further declines might lead the price to approach the $3,390 region in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 zone.
Major Support Level – $3,720
Major Resistance Level – $3,880
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2024-05-24 05:12