Ethereum’s price is rising again, surpassing the $3,800 resistance level. Currently, ETH is consolidating around $3,850, with potential for a breakout above $4,000 soon.
ETH maintained stability above the $3,540 support zone, forming a base and outperforming Bitcoin. It then climbed above the $3,650 mark. The price moved past the $3,750 resistance and exceeded the 50% Fib retracement level from the $3,944 high to the $3,530 low. Additionally, there is a significant bullish trend line with support at $3,780 on the hourly ETH/USD chart.
Ethereum is trading above $3,750 and the 100-hour Simple Moving Average, also above the 76.4% Fib retracement level from the $3,944 high to the $3,530 low.
The immediate resistance is around $3,880, with the first major resistance near $3,920. Breaking above the $3,920 resistance could propel the price higher. The next significant resistance is at $4,000, and a clear move past this level might drive the price toward $4,080.
If the price moves beyond $4,080, it could test the $4,220 resistance. Further gains might push Ether toward the $4,350 resistance zone.
If Ethereum cannot overcome the $3,880 resistance, it may undergo another downside correction. Initial support on the downside is around the $3,800 level and the trend line.
The next major support is near $3,735. Falling below this level might push the price toward $3,630, with further losses potentially driving the price down to $3,540 in the near term.
May 2024, Cryptoniteuae
