Ethereum Price Sets Sights on New Peaks: Anticipating a Bullish Breakout
27 May 2024 - 11:58AM
NEWSBTC
Ethereum price is again moving higher above the $3,800 resistance.
ETH is now consolidating near $3,850 and is eyeing an upside break
above $4,000 in the near term. 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 Ethereum price remained stable above the
$3,540 support zone. ETH formed a base, outperformed Bitcoin, and
started another increase above the $3,650 level. There was a move
above the $3,750 resistance. The bulls pushed the price above the
50% Fib retracement level of the downward move from the $3,944
swing high to the $3,530 low. There is also a key bullish trend
line forming with support at $3,780 on the hourly chart of ETH/USD.
Ethereum price is trading above $3,750 and the 100-hourly Simple
Moving Average. It is also above the 76.4% Fib retracement level of
the downward move from the $3,944 swing high to the $3,530 low.
Immediate resistance is near the $3,880 level. The first major
resistance is near the $3,920 level. An upside break above the
$3,920 resistance might send the price higher. The next key
resistance sits at $4,000, above which the price might gain
traction and rise toward the $4,080 level. If there is a clear move
above the $4,080 level, the price might rise and test the $4,220
resistance. Any more gains could send Ether toward the $4,350
resistance zone. Another Drop In ETH? If Ethereum fails to clear
the $3,880 resistance, it could start another downside correction.
Initial support on the downside is near the $3,800 level and the
trend line. The next major support is near the $3,735 zone. A clear
move below the $3,735 support might push the price toward $3,630.
Any more losses might send the price toward the $3,540 level in the
near term. 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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