Ethereum

Bitcoin

Resistance

Gains

Ethereum price extended its increase and tested $3,840. ETH is holding gains and seems to be eyeing a move toward the $4,000 level. 
<ul> 
 <li>Ethereum started a fresh increase and traded above the $3,750 resistance zone.</li> 
 <li>The price is trading above $3,700 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term bullish trend line forming with support at $3,710 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up unless there is a break below the $3,380 support.</li> 
</ul> 
<h2 id="ethereum-price-eyes-additional-gains">Ethereum Price Eyes Additional Gains</h2> 
Ethereum price started a <a href="https://www.newsbtc.com/analysis/eth/ethereum-soars-20-eth-etf-rumors/" target="_blank" rel="noopener ">fresh surge</a> after reports of increased hopes of ETH ETF. There was a move above the $3,500 and $3,650 resistance levels. 
ETH outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dips-70k/" target="_blank" rel="noopener ">Bitcoin</a> and even climbed above the $3,750 level. A new weekly high was formed at $3,838 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward wave 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 bullish trend line forming with support at $3,710 on the hourly chart of ETH/USD. 
Immediate resistance is near the $3,840 level. The first major resistance is near the $3,880 level. 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_893c41.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609209 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_893c41.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_893c41.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_893c41.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_893c41.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_893c41.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_893c41.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_893c41.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_893c41.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="are-dips-limited-in-eth">Are Dips Limited In ETH?</h2> 
If Ethereum fails to clear the $3,840 resistance, it could start a downside correction. Initial support on the downside is near the $3,710 level and the trend line. 
The next major support is near the $3,620 zone. A clear move below the $3,620 support might push the price toward $3,450 or the 50% Fib retracement level of the upward wave from the $3,065 swing low to the $3,838 high. Any more losses might send the price toward the $3,380 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 correcting from the 75 zone. 
Major Support Level – $3,620 
Major Resistance Level – $3,840

Ethereum Price Rally: Far from Over, More Gains Ahead!

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