Ethereum Price Stuck in a Rut but Poised for an Exciting Upside Break
June 04 2024 - 11:18PM
NEWSBTC
Ethereum price is struggling to clear the $3,840 resistance zone.
ETH could gain bullish momentum if it clears the $3,840 and $3,880
resistance levels. Ethereum is holding gains above the $3,720
level. The price is trading above $3,750 and the 100-hourly Simple
Moving Average. There is a connecting bullish trend line forming
with support near $3,760 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could start a fresh increase unless there is
a close below the $3,720 support. Ethereum Price Holds Support
Ethereum price declined again below the $3,760 support zone. ETH
retested the $3,720 support and remained well-bid. A low was formed
at $3,728 and the price started another increase, like Bitcoin.
There was a move above the $3,800 level, but the bears were again
active near $3,840. A high was formed at $3,836 and the price is
now consolidating gains in a range. It is trading just below the
23.6% Fib retracement level of the upward move from the $3,728
swing low to the $3,836 high. Ethereum is now trading above $3,760
and the 100-hourly Simple Moving Average. There is also a
connecting bullish trend line forming with support near $3,760 on
the hourly chart of ETH/USD. If there is another increase, ETH
might face resistance near the $3,820 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 the bulls push Ether
above the $4,000 level, the price might rise and test the $4,080
resistance. Any more gains could send Ether toward the $4,220
resistance zone. Another Decline In ETH? If Ethereum fails to clear
the $3,840 resistance, it could start another decline. Initial
support on the downside is near $3,780 and the 50% Fib retracement
level of the upward move from the $3,728 swing low to the $3,836
high. The next major support is near the $3,760 zone. A clear move
below the $3,760 support might push the price toward $3,720. Any
more losses might send the price toward the $3,650 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 now above the 50 zone. Major Support Level – $3,760
Major Resistance Level – $3,840
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