Ethereum Price Dips, Then Rips: Exciting Trading Opportunities Ahead
May 23 2024 - 8:58PM
NEWSBTC
Ethereum price dipped sharply after it rallied toward $3,940. ETH
is now consolidating near $3,850 and is eyeing more upsides in the
near term. Ethereum started a consolidation after it rallied toward
the $3,940 resistance zone. The price is trading above $3,720 and
the 100-hourly Simple Moving Average. There is a key bullish trend
line forming with support at $3,720 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 $3,620 support. Ethereum Price Eyes More
Gains Ethereum price extended its increase above the $3,700 and
$3,750 resistance levels. ETH outperformed Bitcoin and even climbed
above the $3,880 level. A new weekly high was formed at $3,943
before there was a sharp decline. The price dived below the $3,800
and $3,750 levels. A low was formed at $3,530 level and the price
recovered most losses. It is back above the 50% Fib retracement
level of the downward move from the $3,943 swing high to the $3,530
low. Ethereum is now trading above $3,720 and the 100-hourly Simple
Moving Average. There is also a key bullish trend line forming with
support at $3,720 on the hourly chart of ETH/USD. Immediate
resistance is near the $3,845 level or the 76.4% Fib retracement
level of the downward move from the $3,943 swing high to the $3,530
low. 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 $3,940, 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. Another Decline In ETH? If Ethereum fails
to clear the $3,840 resistance, it could start another downside
correction. Initial support on the downside is near the $3,720
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 $3,550. Any more losses might send the price toward the
$3,390 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 – $3,720 Major Resistance Level – $3,880
Ethereum (COIN:ETHUSD)
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