Ethereum Price Continues Its Climb: Bullish Momentum Drives Higher Gains
May 27 2024 - 9:48PM
NEWSBTC
Ethereum price extended its increase above the $3,900 resistance.
ETH is now consolidating near $3,880 and might continue to grind
higher in the near term. Ethereum started another increase above
the $3,850 resistance. The price is trading above $3,850 and the
100-hourly Simple Moving Average. There is a major bullish trend
line forming with support at $3,860 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could continue to move up and test
the $4,000 resistance zone in the near term. Ethereum Price Eyes
$4,000 Ethereum price remained supported above the $3,650 support
zone. ETH started another increase, outperformed Bitcoin, and
climbed above the $3,750 level. There was a move above the $3,850
resistance. The bulls pushed the price above the $3,940 resistance.
It traded close to the $4,000 resistance. A high was formed near
$3,973 and the price is now correcting gains. There was a minor
decline below the $3,920 level. The price dipped below the 23.6%
Fib retracement level of the upward move from the $3,630 swing low
to the $3,973 high. Ethereum price is trading above $3,850 and the
100-hourly Simple Moving Average. There is also a major bullish
trend line forming with support at $3,860 on the hourly chart of
ETH/USD. Immediate resistance is near the $3,940 level. The first
major resistance is near the $3,970 level. An upside break above
the $3,970 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 Decline In ETH? If Ethereum fails to clear
the $3,940 resistance, it could continue to move down. Initial
support on the downside is near the $3,860 level and the trend
line. The next major support is near the $3,800 zone or the 50% Fib
retracement level of the upward move from the $3,630 swing low to
the $3,973 high. A clear move below the $3,800 support might push
the price toward $3,720. Any more losses might send the price
toward the $3,630 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 still above the
50 zone. Major Support Level – $3,800 Major Resistance Level –
$3,940
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