As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Ethereum’s price fluctuations like the ebb and flow of the tides. And right now, it looks like ETH is gearing up for another wave of bullish momentum.
The Ethereum price is inching upward, surpassing the $3,800 resistance mark. A significant price increase may occur for Ethereum if it manages to break through the resistance at $3,880 and $3,920.
- Ethereum is holding gains above the $3,800 level.
The price is trading above $3,840 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a close below the $3,800 support.
Ethereum Price Eyes More Upsides
The price of Ethereum held steady above the $3,760 mark, acting as a robust support. Subsequently, Ethereum built a strong foundation and surged beyond the $3,800 threshold, much like Bitcoin did.
I analyzed the price movement and noticed that it surpassed the $3,820 and $3,840 thresholds, reaching a resistance zone at $3,880. The peak was formed at $3,884. Currently, the price is consolidating its gains within a range after testing the 23.6% Fibonacci retracement level of the upward trend from the $3,729 swing low to the $3,884 high.
Currently, Ethereum surpasses the $3,800 mark and the 100-hour moving average. Additionally, there’s an emerging bullish trendline on the hourly Ethereum-to-USD chart, providing support around $3,840.
Should ETH experience further growth, it may encounter resistance around $3,880. The initial resistance lies at $3,920. Overcoming this resistance could propel the price upwards. Subsequently, a significant resistance exists at $4,000, surpassing which might enable the price to pick up momentum and head towards $4,080.
Should Ethereum’s bulls successfully propel its price above the $4,080 threshold, a further increase is likely, potentially challenging the $4,200 resistance. Surpassing this barrier might pave the way for the cryptocurrency to approach the $4,320 resistance area.
Are Dips Supported In ETH?
Should Ethereum be unable to surpass the $3,880 barrier, there’s a possibility for a reversal and potential decline in its price. The initial floor could be found around $3,840 along with the trendline.
As a crypto investor, I’m keeping a close eye on the market and noting that the next significant support lies around the $3,800 region, which also aligns with the 50% Fibonacci retracement level following our upward swing from the $3,729 swing low to the $3,884 high. A noticeable decline beneath this support could potentially trigger further losses towards $3,720. Continued downward pressure might even lead us to retest the $3,650 mark in the not-too-distant future.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,800
Major Resistance Level – $3,880
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2024-06-06 06:40