Ethereum

Cryptocurrency

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-consolidates-above-3650-support/" data-wpel-link="internal">Ethereum Consolidates Above $3,650 Support</a><br></p>
<p style="text-align: justify"><strong>Cryptocurrency</strong> <a href="https://en.coin-turk.com/what-does-august-have-in-store-for-ethereum-eth/" data-wpel-link="internal">Ethereum</a> has entered a consolidation phase above the $3,650 support. The leading altcoin seems to be preparing for a new move towards $4,000 in the short term. After testing the $3,840 resistance zone, Ethereum entered a pause phase. Currently, the price is hovering above the $3,700 level. A short-term contracting triangle formation with support at $3,690 is noticeable on the hourly chart of the ETH/USD pair. The pair may continue its upward movement as long as it does not fall below the $3,450 support.</p> 
<h2 style="text-align: justify" id="ethereum-price-continues-to-maintain-strength">Ethereum Price Continues to Maintain Strength</h2> 
<p style="text-align: justify"><strong>Ethereum</strong> continued its rise by pushing its price above the $3,500 and $3,650 resistance levels. During this process, ETH outperformed Bitcoin, climbing above the $3,800 level and gaining significant momentum. A new weekly high of $3,838 was recorded, and the price is currently consolidating these gains.</p> 
<p style="text-align: justify">Ethereum, which managed to hold above the 23.6% Fibonacci retracement level of the rise from $3,065 to $3,838, is currently trading above $3,700. Additionally, there is a short-term contracting triangle with support at $3,690 on the hourly chart of the ETH/USD pair.</p> 
<h2 style="text-align: justify" id="critical-resistance-levels-for-eth">Critical Resistance Levels for ETH</h2> 
<p style="text-align: justify">The immediate resistance level for Ethereum is near $3,780. The first major resistance is at $3,840. If this resistance is surpassed, the price could initiate a new upward wave. The next significant resistance is at $3,920, where the price could gain interest and rise towards $4,000.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-354690 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/ETHUSDT_2024-05-23_08-27-18.png" alt="" width="1815" height="798"></p> 
<p style="text-align: justify">If there is a clear move above the $4,000 level, the price could rise further and test the $4,080 resistance. More gains could push <strong>ETH</strong> towards the $4,200 resistance zone. If Ethereum manages to hold at these critical levels, it could open new doors in the crypto world.</p> 
<h2 style="text-align: justify" id="downside-break-risk-in-ethereum">Downside Break Risk in Ethereum</h2> 
<p style="text-align: justify">Cryptocurrency Ethereum is struggling to surpass the $3,780 resistance, which could signal a potential downside break. Ethereum’s current situation highlights some critical levels from a <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">technical analysis</a> perspective. The first support level on the downside is seen at $3,690. This level is also close to the current trend line. Therefore, maintaining this support level could prevent the price from falling further in the short term.</p> 
<p style="text-align: justify">However, the main critical support is at $3,650. If Ethereum falls below this level, a larger selling pressure may occur in the market. In this case, the price could pull back to the $3,450 level. In a more pessimistic scenario, Ethereum’s <strong>price</strong> could retreat to the $3,360 level.</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-consolidates-above-3650-support/" data-wpel-link="internal">Ethereum Consolidates Above $3,650 Support</a></h5>

Ethereum Consolidates Above $3,650 Support

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