Ethereum Price Steadies: Strong Support Hints at Exciting Upside Potential
June 02 2024 - 9:48PM
NEWSBTC
Ethereum price extended its decline and tested the $3,700 support.
ETH is now consolidating and eyeing a fresh increase above $3,840.
Ethereum extended its decline and tested the $3,700 zone. The price
is trading near $3,800 and the 100-hourly Simple Moving Average.
There is a key 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
$3,700 support. Ethereum Price Holds Support Ethereum price
struggled to start a fresh increase and declined below the $3,750
support zone, like Bitcoin. ETH even traded below the $3,720
support zone. However, the bulls were active near the $3,700
support zone. A low was formed at $3,702 and the price recently
started a recovery wave. There was a move above the $3,750 level.
The price climbed above the 23.6% Fib retracement level of the
downward move from the $3,957 swing high to the $3,702 low.
Ethereum price is now trading near $3,800 and the 100-hourly Simple
Moving Average. There is also a key bullish trend line forming with
support near $3,760 on the hourly chart of ETH/USD. If there is a
fresh increase, ETH might face resistance near the $3,830 level.
The first major resistance is near the $3,880 level or the 76.4%
Fib retracement level of the downward move from the $3,957 swing
high to the $3,702 low. 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 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 $3,830 resistance, it could
start another decline. Initial support on the downside is near the
$3,750 level and the trend line. The next major support is near the
$3,720 zone. A clear move below the $3,720 support might push the
price toward $3,660. Any more losses might send the price toward
the $3,550 level in the near term. Technical Indicators Hourly MACD
– The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major
Support Level – $3,720 Major Resistance Level – $3,880
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024