Ethereum

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Ethereum price rallied over 20% amid rise in hopes of ETH ETF. ETH broke many hurdles and even broke the $3,500 resistance zone. 
<ul> 
 <li>Ethereum started a fresh surge and cleared the $3,500 resistance zone.</li> 
 <li>The price is trading above $3,600 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term rising channel forming with support at $3,640 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move up unless there is a close below the $3,400 support.</li> 
</ul> 
<h2 id="ethereum-price-starts-fresh-uptrend">Ethereum Price Starts Fresh Uptrend</h2> 
Ethereum price formed a base and rallied above the $3,200 resistance zone. ETH ETF hopes increased with the recent SEC move. Trades took advantage of the recent move, resulting in a strong upward move above the $3,350 resistance zone. 
It outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-soars-70k/" target="_blank" rel="noopener ">Bitcoin</a> and gained over 20%. There was a strong move above the $3,500 resistance zone. It traded to a new weekly high at $3,721 and is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,067 swing low to the $3,721 high. 
Ethereum is now trading above $3,600 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dips-bulls-to-scoop-up-the-opportunity/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. There is also a short-term rising channel forming with support at $3,640 on the hourly chart of ETH/USD. 
Immediate resistance is near the $3,700 level. The first major resistance is near the $3,720 level. An upside break above the $3,720 resistance might send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d45fdd.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="size-full wp-image-609033" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d45fdd.png?resize=1024%2C449" alt="Ethereum Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d45fdd.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d45fdd.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d45fdd.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d45fdd.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d45fdd.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d45fdd.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Ethereum_d45fdd.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance sits at $3,800, above which the price might gain traction and rise toward the $3,880 level. If there is a clear move above the $3,880 level, the price might rise and test the $3,950 resistance. Any more gains could send Ether toward the $4,000 resistance zone. 
<h2 id="are-dips-attractive-in-eth">Are Dips Attractive In ETH?</h2> 
If Ethereum fails to clear the $3,720 resistance, it could start a downside correction. Initial support on the downside is near the $3,640 level and the channel zone. 
The next major support is near the $3,600 zone. A clear move below the $3,600 support might push the price toward $3,500. Any more losses might send the price toward the $3,400 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 now correcting from the 85 zone. 
Major Support Level – $3,600 
Major Resistance Level – $3,720

Ethereum Soars 20%: ETH Hype Escalates on ETF Rumors

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