As an experienced financial analyst, I’ve closely monitored Ethereum’s price action and observed its recent decline testing the crucial support at $3,700. The consolidation near this level is a common occurrence in volatile markets like cryptocurrencies.
The price of Ethereum has continued to drop, reaching a support level at around $3,700. Currently, Ethereum is stabilizing and considering a new rise, targeting the price point of $3,840.
- Ethereum extended its decline and tested the $3,700 zone.
The price is trading near $3,800 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $3,760 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 $3,700 support.
Ethereum Price Holds Support
The price of Ethereum had a tough time initiating a new rise and dipped beneath the $3,750 mark, just like Bitcoin. In fact, ETH dropped below the $3,720 support level. Nevertheless, Ethereum’s bulls remained vigilant around the $3,700 support zone.
As an analyst, I’ve identified a low at $3,702 where the price took a downturn. More recently, however, we’ve seen a recovery with the price surpassing the $3,750 mark. Notably, this move transcended the 23.6% Fibonacci retracement level that stemmed from the swing high at $3,957 to the low at $3,702.
The current price of Ethereum hovers around $3,800 in tandem with its 100-hour moving average. Additionally, a significant bullish trendline is shaping up on the hourly chart for Ethereum/USD, offering support at approximately $3,760.
As an analyst, I would interpret a new price rise for Ethereum (ETH) as potentially encountering resistance around the $3,830 mark. The initial significant barrier lies at the $3,880 level or the 76.4% Fibonacci retracement threshold of the price drop from the peak of $3,957 to the trough of $3,702.
If the price breaks upward past the $3,880 barrier, it could lead to a further increase in value. The subsequent significant resistance is located at $3,950. Surmounting this level may give the price the momentum it needs to advance towards the $4,000 mark.
Should ethereum’s bulls manage to drive its price above the $4,000 mark, a further surge is possible, with the resistance at $4,080 being potentially tested. Beyond this point, ethereum could head towards the resistance area around $4,220.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,830 threshold, there’s a possibility of another price drop. The initial floor for Ethereum is around $3,750, which includes the trendline support.
The price could encounter significant resistance around the $3,720 mark in the upcoming period. A decisive drop below this level may lead to further declines towards $3,660. Should the downward trend continue, the market value might head towards the $3,550 region in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,720
Major Resistance Level – $3,880
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2024-06-03 04:52