Ethereum

Momentum

Resistance

Gains

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-gains-momentum-following-bitcoins-surge/" data-wpel-link="internal">Ethereum Gains Momentum Following Bitcoin’s Surge</a><br></p>
<p style="text-align: justify">Yesterday, the movement in <strong>Bitcoin</strong> <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> caused <a href="https://en.coin-turk.com/vitalik-buterins-nft-heading-to-auction-at-record-price/" data-wpel-link="internal">Ethereum</a> to stand out in terms of its rise. ETH, recovering above the $2,920 resistance, is attempting to climb to higher levels by following Bitcoin’s lead. This upward trend excites the Ethereum community and catches the attention of technical analysts.</p> 
<h2 style="text-align: justify" id="ethereum-in-recovery-process">Ethereum in Recovery Process</h2> 
<p style="text-align: justify"><strong>Ethereum</strong> initiated a recovery wave in recent days and quickly advanced towards the $3,000 levels. Currently, the price is trading around $3,008. Especially when looking at the four-hour chart, it is observed that there was a breakout above the $2,900 resistance level, which is an important downtrend line. This indicates that the bullish trend is strengthening.</p> 
<p style="text-align: justify">The approximately 5% increase in Ethereum’s price started after it remained stable above the $2,860 support zone. However, it should be noted that this increase is somewhat more limited compared to Bitcoin. Bulls pushed the price above the $2,950 and even $3,000 levels. With this move, a new weekly high of $3,039 was recorded, and the price is currently in the consolidation phase of these gains.</p> 
<h2 style="text-align: justify" id="attention-to-critical-resistance-levels">Attention to Critical Resistance Levels</h2> 
<p style="text-align: justify">Technically, Ethereum is still well above $2,950. The immediate resistance level is positioned around $3,040. However, the main important resistance level is near $3,050. If the price manages to surpass this resistance, it could gain upward momentum.</p> 
<p style="text-align: justify">In the upcoming period, if Ethereum rises above $3,050, it has the potential to increase further. The next critical resistance level is around $3,150, and surpassing this level could see Ethereum rise towards the $3,220 levels.</p> 
<p style="text-align: justify">If a clear move above this level occurs, Ethereum might likely test the $3,350 resistance. From this point, <strong>ETH</strong> could quickly advance towards the $3,500 resistance zone.</p> 
<h2 style="text-align: justify" id="if-ethereum-reenters-the-decline-zone-these-levels-will-follow">If Ethereum Reenters the Decline Zone, These Levels Will Follow</h2> 
<p style="text-align: justify">Although ETH seems to have consolidated in a certain price range recently, the likelihood of a downward correction increases if it fails to surpass the $3,050 resistance. Currently, the first support level in the <strong>ETH/USD</strong> pair on the downside is around $3,000. However, in the case of a more serious correction, the $2,950 zone or around $2,860 could be significant support points.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-351939 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/ethereum-2-1.png" alt="" width="1815" height="798"></p> 
<p style="text-align: justify">Additionally, attention should be paid to the next support level around $2,930. If the price falls below this level, there is a possibility of a push towards around $2,900. In the case of a larger loss, the possibility of the price falling to the $2,860 level in the near term should not be ignored.</p> 
<p style="text-align: justify">When examining technical indicators, the four-hour MACD for ETH/USD is still losing momentum in the bullish zone. However, the four-hour RSI is currently above the 50 level. Accordingly, this may indicate some buying pressure.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-gains-momentum-following-bitcoins-surge/" data-wpel-link="internal">Ethereum Gains Momentum Following Bitcoin’s Surge</a></h5>

Ethereum Gains Momentum Following Bitcoin’s Surge

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