Ethereum Price Sets Sights on New Peaks: Anticipating a Bullish Breakout

As an experienced analyst, I believe that Ethereum’s price action is exhibiting a bullish trend. The consolidation above the $3,850 level and the formation of a key bullish trend line are strong indicators of this. Ethereum has already surpassed several resistance levels, including $3,750 and the 50% Fib retracement level. Moreover, the hourly RSI is still above the 50 zone, indicating that Ethereum is in an uptrend.

The cost of Ethereum is climbing once more, surpassing the $3,800 barrier. At present, Ethereum is taking a pause around $3,850 and is poised for an imminent surge past $4,000.

    Ethereum started a fresh increase above the $3,750 resistance.
    The price is trading above $3,750 and the 100-hourly Simple Moving Average.
    There is a key bullish trend line forming with support at $3,780 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 $3,540 support.

Ethereum Price Remains Supported for More Upsides

The price of Ethereum held strong above the $3,540 mark, serving as a solid foundation. Ethereum built up momentum, surpassing Bitcoin‘s performance, and initiated another upward trend beyond the $3,650 threshold.

I analyzed the price action of Ethereum (ETH/USD) and noticed that there was a break above the resistance level of $3,750. This move also surpassed the 50% Fibonacci retracement level of the recent downward trend from the swing high at $3,944 to the low at $3,530. Additionally, a significant bullish trend line is emerging on the hourly chart, providing support at $3,780.

The Ethereum price currently hovers around $3,750 and surpasses both the 100-hour Simple Moving Average and the 76.4% Fibonacci retracement level of the decline from its peak at $3,944 to its low at $3,530.

The price is encountering strong resistance just below $3,880. The initial significant resistance lies around $3,920. A surge above this hurdle could push the price upwards. Subsequently, a crucial resistance exists at $4,000, surmounting which might provide enough momentum for the price to ascend towards $4,080.

Ethereum Price Sets Sights on New Peaks: Anticipating a Bullish Breakout

Should the price break above the $4,080 mark with conviction, it is likely to advance further and encounter resistance at $4,220. Overcoming this hurdle might pave the way for Ether to approach the $4,350 resistance area.

Another Drop In ETH?

If Ethereum is unable to surpass the $3,880 barrier, there’s a risk of another price decrease. The initial floor for this potential downtrend lies around $3,800 and the trendline.

If we look ahead, the next significant level of resistance lies around $3,735. A noticeable decline beneath this resistance could potentially lead to a drop in price towards $3,630. Should further losses occur, the price may head towards the nearby support at $3,540.

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 – $3,800

Major Resistance Level – $3,880

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2024-05-27 05:10