Ethereum

Resistance

Ethereum price is again moving higher above the $3,800 resistance. ETH is now consolidating near $3,850 and is eyeing an upside break above $4,000 in the near term. 
<ul> 
 <li>Ethereum started a fresh increase above the $3,750 resistance.</li> 
 <li>The price is trading above $3,750 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $3,780 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 $3,540 support.</li> 
</ul> 
<h2 id="ethereum-price-remains-supported-for-more-upsides">Ethereum Price Remains Supported for More Upsides</h2> 
Ethereum price remained stable above the $3,540 support zone. ETH formed a base, outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-steam-70k/">Bitcoin</a>, and started another increase above the $3,650 level. 
There was a move above the $3,750 resistance. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,944 swing high to the $3,530 low. There is also a key bullish trend line forming with support at $3,780 on the hourly chart of ETH/USD. 
Ethereum price is trading above $3,750 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dips-3720/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. It is also above the 76.4% Fib retracement level of the downward move from the $3,944 swing high to the $3,530 low. 
Immediate resistance is 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d75362.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="size-full wp-image-609951" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d75362.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d75362.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d75362.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d75362.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d75362.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d75362.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d75362.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d75362.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 $4,080 level, the price might rise and test the $4,220 resistance. Any more gains could send Ether toward the $4,350 resistance zone. 
<h2 id="another-drop-in-eth">Another Drop In ETH?</h2> 
If Ethereum fails to clear the $3,880 resistance, it could start another downside correction. Initial support on the downside is near the $3,800 level and the trend line. 
The next major support is near the $3,735 zone. A clear move below the $3,735 support might push the price toward $3,630. Any more losses might send the price toward the $3,540 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 still above the 50 zone. 
Major Support Level – $3,800 
Major Resistance Level – $3,880

Ethereum Price Sets Sights on New Peaks: Anticipating a Bullish Breakout

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