Ethereum Soars 20%: ETH Hype Escalates on ETF Rumors
May 20 2024 - 9:58PM
NEWSBTC
Ethereum price rallied over 20% amid rise in hopes of ETH ETF. ETH
broke many hurdles and even broke the $3,500 resistance zone.
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
Ethereum price formed a base and rallied above the $3,200
resistance zone. ETH ETF hopes increased with the recent SEC move.
Trades took advantage of the recent move, resulting in a strong
upward move above the $3,350 resistance zone. It outperformed
Bitcoin and gained over 20%. There was a strong move above the
$3,500 resistance zone. It traded to a new weekly high at $3,721
and is now consolidating gains above the 23.6% Fib retracement
level of the upward move from the $3,067 swing low to the $3,721
high. Ethereum is now trading above $3,600 and the 100-hourly
Simple Moving Average. There is also a short-term rising channel
forming with support at $3,640 on the hourly chart of ETH/USD.
Immediate resistance is near the $3,700 level. The first major
resistance is near the $3,720 level. An upside break above the
$3,720 resistance might send the price higher. The next key
resistance sits at $3,800, above which the price might gain
traction and rise toward the $3,880 level. If there is a clear move
above the $3,880 level, the price might rise and test the $3,950
resistance. Any more gains could send Ether toward the $4,000
resistance zone. Are Dips Attractive In ETH? If Ethereum fails to
clear the $3,720 resistance, it could start a downside correction.
Initial support on the downside is near the $3,640 level and the
channel zone. The next major support is near the $3,600 zone. A
clear move below the $3,600 support might push the price toward
$3,500. Any more losses might send the price toward the $3,400
level in the near 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
Ethereum (COIN:ETHUSD)
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