As a seasoned crypto investor with a few years of experience under my belt, I’m thrilled to see Ethereum price surge past the $3,500 resistance zone and reach new highs. The recent SEC move giving hope for an ETH ETF has certainly added fuel to the fire.
As a crypto investor, I’ve witnessed Ethereum‘s price surge by more than 20% recently due to heightened anticipation surrounding an ETH Exchange-Traded Fund (ETF). Breaking through various obstacles, Ethereum even shattered the $3,500 resistance mark.
- Ethereum started a fresh surge and cleared the $3,500 resistance zone.
The price is trading above $3,600 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with support at $3,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up unless there is a close below the $3,400 support.
Ethereum Price Starts Fresh Uptrend
The price of Ethereum established a foundation and surged beyond the $3,200 barrier, fueling optimism among ETH ETF investors following the SEC’s latest decision. Market participants seized this opportunity, leading to a robust upward trend that overshot the $3,350 resistance level.
The asset demonstrated superior performance compared to Bitcoin, surging past the 20% mark. A robust advance occurred beyond the $3,500 resistance barrier. The price reached a new peak of $3,721 for the week and currently stabilizes above the 23.6% Fibonacci retracement level, which marks the upward trend from the $3,067 trough to the $3,721 pinnacle.
Currently, Ethereum’s price hovers above $3,600 and the 100-hour Simple Moving Average. Additionally, a short-term upward trend channel is emerging on the hourly chart for ETH/USD, with a support level at $3,640.
As an analyst, I’ve identified two key levels of resistance in the price chart. The initial resistance lies around the $3,700 mark. Should the price encounter opposition at this point, it may result in a pullback or consolidation. However, if the price manages to surmount this barrier, the next significant resistance awaits at approximately $3,720. Overcoming this hurdle could potentially trigger further upside momentum.
As a crypto investor, I see the next significant resistance for Ether’s price at around $3,800. If we manage to break through this barrier, the price might pick up momentum and head towards $3,880. Should we surpass the $3,880 level with confidence, the price could continue climbing, aiming for the resistance at $3,950. Any further gains could potentially push Ether into the $4,000 resistance zone.
Are Dips Attractive In ETH?
Should Ethereum be unable to surpass the $3,720 resistance, a potential decline may ensue. A preliminary floor for Ethereum in this scenario can be found around the $3,640 mark and within the established channel.
If we look ahead, the next significant level of resistance lies around the $3,600 mark. A decisive break below this support could potentially lead to a drop in price towards the $3,500 region. Further losses might cause the price to trend downwards and reach the $3,400 level in the short term.
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 correcting from the 85 zone.
Major Support Level – $3,600
Major Resistance Level – $3,720
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2024-05-21 05:10