As an experienced analyst, I have been closely monitoring the Ethereum market and its price movements. Based on my analysis of the current trend, it is clear that Ethereum has started a fresh increase and tested the $3,840 level. The bullish momentum is strong as Ethereum holds gains above the $3,750 resistance zone and the 100-hourly Simple Moving Average.
Ethereum‘s price continues to climb, reaching a new high of $3,840. At present, Ethereum maintains its gains, hinting at a potential advance toward the $4,000 mark.
- Ethereum started a fresh increase and traded above the $3,750 resistance zone.
The price is trading above $3,700 and the 100-hourly Simple Moving Average.
There is a short-term bullish trend line forming with support at $3,710 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 $3,380 support.
Ethereum Price Eyes Additional Gains
As a researcher studying the cryptocurrency market, I’ve observed an exciting development in the Ethereum price trend. Reports of heightened expectations for an ETH Exchange-Traded Fund (ETF) have ignited fresh momentum, pushing the price beyond previous resistances at $3,500 and $3,650.
Bitcoin‘s rival, Ethereum, surpassed Bitcoin’s performance and reached an impressive milestone above $3,750. A fresh weekly peak was established at $3,838. Currently, Ethereum’s price is stabilizing after a significant rise. It now trades significantly above the 23.6% Fibonacci retracement mark of the uptrend that started from the $3,065 swing low and peaked at $3,838.
Current market price for Ethereum surpasses $3,700 and the 100-hour moving average. Furthermore, there’s an emerging uptrend pattern in the short term with a supportive line at $3,710 on the hourly Ethereum-USD chart.
Near the $3,840 mark, there’s strong resistance preventing further price increase. The initial significant hurdle is located around $3,880. Overcoming this barrier could lead to a surge in price. At $3,950, there’s a crucial resistance level that, if breached, would give the price momentum and potentially push it towards the $4,000 threshold.
As an analyst, I would interpret a significant price increase beyond the $4,000 mark as a potential sign of further growth. This upward trend might push the price up to encounter the resistance at $4,080. Should we witness any additional gains, Ether could potentially advance towards the $4,200 resistance area.
Are Dips Limited In ETH?
If Ethereum is unable to surpass the $3,840 resistance mark, there’s a possibility of a price decline. The initial support for Ethereum lies around $3,710 and includes the trendline.
As an analyst, I would interpret the current market situation as follows: The next significant support for the price lies around the $3,620 mark. If the price breaks below this support level, it could potentially lead to a downward trend towards the $3,450 region or even reach the 50% Fibonacci retracement level of the upward wave that started from the $3,065 swing low and peaked at $3,838. Further losses may push the price further down to the $3,380 level in the near 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 correcting from the 75 zone.
Major Support Level – $3,620
Major Resistance Level – $3,840
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2024-05-22 05:10