Ethereum Price Rally: Far from Over, More Gains Ahead!
May 21 2024 - 8:58PM
NEWSBTC
Ethereum price extended its increase and tested $3,840. ETH is
holding gains and seems to be eyeing a move toward the $4,000
level. Ethereum started a fresh increase and traded above the
$3,750 resistance zone. The price is trading above $3,700 and the
100-hourly Simple Moving Average. There is a short-term bullish
trend line forming with support at $3,710 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 $3,380 support. Ethereum Price
Eyes Additional Gains Ethereum price started a fresh surge after
reports of increased hopes of ETH ETF. There was a move above the
$3,500 and $3,650 resistance levels. ETH outperformed Bitcoin and
even climbed above the $3,750 level. A new weekly high was formed
at $3,838 and the price is now consolidating gains. It is trading
well above the 23.6% Fib retracement level of the upward wave from
the $3,065 swing low to the $3,838 high. Ethereum is now trading
above $3,700 and the 100-hourly Simple Moving Average. There is
also a short-term bullish trend line forming with support at $3,710
on the hourly chart of ETH/USD. Immediate resistance is near the
$3,840 level. The first major resistance is near the $3,880 level.
An upside break above the $3,880 resistance might send the price
higher. The next key resistance sits at $3,950, above which the
price might gain traction and rise toward the $4,000 level. If
there is a clear move above the $4,000 level, the price might rise
and test the $4,080 resistance. Any more gains could send Ether
toward the $4,200 resistance zone. Are Dips Limited In ETH? If
Ethereum fails to clear the $3,840 resistance, it could start a
downside correction. Initial support on the downside is near the
$3,710 level and the trend line. The next major support is near the
$3,620 zone. A clear move below the $3,620 support might push the
price toward $3,450 or the 50% Fib retracement level of the upward
wave from the $3,065 swing low to the $3,838 high. Any more losses
might send the price toward the $3,380 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
now correcting from the 75 zone. Major Support Level – $3,620 Major
Resistance Level – $3,840
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