Ethereum Price Stuck in a Rut but Poised for an Exciting Upside Break

As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Ethereum’s price action plenty of times. Currently, ETH is holding support above the $3,720 level, trading just below the $3,840 resistance. The price has formed a connecting bullish trend line with support at $3,760 on the hourly chart.

Ethereum‘s price is finding it difficult to surpass the $3,840 resistance mark. If Ethereum manages to break through both the $3,840 and $3,880 resistance barriers, it could lead to a bullish trend for the cryptocurrency.

    Ethereum is holding gains above the $3,720 level.
    The price is trading above $3,750 and the 100-hourly Simple Moving Average.
    There is a connecting 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 $3,720 support.

Ethereum Price Holds Support

The cost of Ethereum dropped once more beneath the $3,760 mark, serving as a support. Ethereum then revisited the $3,720 support level and saw significant buying interest. A low was reached at $3,728, and subsequently, Ethereum’s price began to climb in a similar fashion to Bitcoin.

Above the $3,800 mark, there was a price advance, but sellers re-emerged near $3,840. A peak was reached at $3,836, and the value is currently consolidating its upward progress within a range. The market is presently hovering slightly below the 23.6% Fibonacci retracement level of the uptrend that started from the $3,728 trough and peaked at $3,836.

As a researcher studying the Ethereum market, I’ve observed that the cryptocurrency has recently surpassed the $3,760 mark and is now hovering above the 100-hour Simple Moving Average. Moreover, an emerging bullish trend line is taking shape on the hourly chart of ETH/USD, with a crucial support level at around $3,760.

Should ETH encounter another price hike, it may encounter resistance around the $3,820 mark. The initial resistance lies at $3,840, surmounting which could push the price further up. Subsequently, a significant resistance awaits at $3,920, breaching which might propel the price towards the $4,000 threshold.

Ethereum Price Stuck in a Rut but Poised for an Exciting Upside Break

Should Ethereum’s bulls manage to drive its price above the $4,000 mark, there is a strong likelihood that it will continue climbing and encounter resistance at around $4,080. Overcoming this hurdle could potentially propel Ethereum further towards the $4,220 resistance area.

Another Decline In ETH?

If Ethereum is unable to surpass the $3,840 threshold, it may lead to another price drop. The floor for this potential decline lies around $3,780 and includes the 50% Fibonacci retracement mark, which signifies half of the upward trend from the $3,728 trough to the $3,836 peak.

As a researcher, I’ve identified the next significant support level for the price at around $3,760. A decisive drop below this support could potentially lead to further declines towards $3,720. Should the price continue to weaken beyond this point, it may head towards the near-term support level of $3,650.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,760

Major Resistance Level – $3,840

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2024-06-05 06:22