Ethereum Price Indicators Flash Green: More Upsides Ahead?
June 05 2024 - 11:28PM
NEWSBTC
Ethereum price is slowly moving higher above the $3,800 resistance
zone. ETH could gain bullish momentum if it clears the $3,880 and
$3,920 resistance levels. Ethereum is holding gains above the
$3,800 level. The price is trading above $3,840 and the 100-hourly
Simple Moving Average. There is a key bullish trend line forming
with support near $3,840 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 $3,800 support. Ethereum Price Eyes More Upsides
Ethereum price remained stable above the $3,760 support zone. ETH
formed a base and started another increase above the $3,800 level
like Bitcoin. There was a move above the $3,820 level and $3,840.
The price tested the $3,880 resistance zone. A high was formed at
$3,884 and the price is now consolidating gains in a range. It
already tested the 23.6% Fib retracement level of the upward move
from the $3,729 swing low to the $3,884 high. Ethereum is now
trading above $3,800 and the 100-hourly Simple Moving Average.
There is also a key bullish trend line forming with support near
$3,840 on the hourly chart of ETH/USD. If there is another
increase, ETH might face resistance near the $3,880 level. The
first major resistance is near the $3,920 level. An upside break
above the $3,920 resistance might send the price higher. The next
key resistance sits at $4,000, above which the price might gain
traction and rise toward the $4,080 level. If the bulls push Ether
above the $4,080 level, the price might rise and test the $4,200
resistance. Any more gains could send Ether toward the $4,320
resistance zone. Are Dips Supported In ETH? If Ethereum fails to
clear the $3,880 resistance, it could start a downside correction.
Initial support on the downside is near $3,840 and the trend line.
The next major support is near the $3,800 zone and the 50% Fib
retracement level of the upward move from the $3,729 swing low to
the $3,884 high. A clear move below the $3,800 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 gaining momentum in the
bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50
zone. Major Support Level – $3,800 Major Resistance Level – $3,880
Ethereum (COIN:ETHUSD)
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