Ethereum

Bitcoin

Resistance

Ethereum price started a consolidation phase above the $3,650 support. ETH seems to be preparing for the next move up toward $4,000 in the near term. 
<ul> 
 <li>Ethereum started a consolidation after it tested the $3,840 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 contracting triangle forming with support at $3,690 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 $3,450 support.</li> 
</ul> 
<h2 id="ethereum-price-holds-support">Ethereum Price Holds Support</h2> 
Ethereum price extended its increase above the $3,500 and $3,650 resistance levels. ETH outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-support-68800/" target="_blank" rel="noopener ">Bitcoin</a> and even climbed above the $3,800 level. A new <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-4k-2/" target="_blank" rel="noopener ">weekly high</a> was formed at $3,838 and the price is now consolidating gains. 
It is holding gains above the 23.6% Fib retracement level of the upward move 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 contracting triangle forming with support at $3,690 on the hourly chart of ETH/USD. 
Immediate resistance is near the $3,780 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_e6e162.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609386 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_e6e162.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_e6e162.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_e6e162.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_e6e162.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_e6e162.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_e6e162.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_e6e162.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_e6e162.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="downside-break-in-eth">Downside Break In ETH?</h2> 
If Ethereum fails to clear the $3,780 resistance, it could start a downside correction. Initial support on the downside is near the $3,690 level and the trend line. 
The next major support is near the $3,650 zone. A clear move below the $3,650 support might push the price toward $3,450 or the 50% Fib retracement level of the upward move from the $3,065 swing low to the $3,838 high. Any more losses might send the price toward the $3,360 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 still above the 75 zone. 
Major Support Level – $3,650 
Major Resistance Level – $3,840

Ethereum Price Consolidates: Steadying Before the Next Move?

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