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Cryptocurrency News Articles
Ethereum (ETH) Price Holds Support Above $3,650, Preparing for the Next Move Up Toward $4,000
May 23, 2024 at 09:58 am
Ethereum price extended its increase above the $3,500 and $3,650 resistance levels. ETH outperformed Bitcoin and even climbed above the $3,800 level.
Ethereum price recovered strongly from the $3,065 support and started a fresh increase. ETH price surpassed the $3,500 and $3,650 resistance levels. It even outperformed Bitcoin and climbed above the $3,800 level.
A new weekly high was formed at $3,838 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move 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 contracting triangle forming with support at $3,690 on the hourly chart of ETH/USD. Immediate resistance is near the $3,780 level. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher.
The next key resistance sits at $3,920, 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.
Downside Break In ETH?
If Ethereum fails to clear the $3,780 resistance, it could start a downside correction. Initial support on the downside is near the $3,690 level and the trend line.
The next major support is near the $3,650 zone. A clear move below the $3,650 support might push the price toward $3,450 or the 50% Fib retracement level of the upward move from the $3,065 swing low to the $3,838 high. Any more losses might send the price toward the $3,360 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 75 zone.
Major Support Level – $3,650
Major Resistance Level – $3,840
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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