Ethereum Breaks Through The $3,000 Mark And Reaches New Historic Highs

May 18, 2024 at 08:26 // Price
Coin Idol

The price of Ethereum (ETH) has rallied twice, but has yet to break above the 21-day SMA or the barrier at $3,040.

Long-term analysis of the Ethereum price: bearish

Unlike Bitcoin, Ethereum remains range-bound and below the moving average lines. The largest altcoin is threatening to fall while trading in a bearish trend zone. Today, buyers pushed Ether to the 21-day SMA high, but it failed to break through the barrier. Since April 13, buyers have failed to sustain their bullish momentum above the 21-day SMA. Ether will fall back to the previous low or current support if it is rejected by the 21-day SMA resistance line.

Should buyers prevail, Ether will rally to historical highs between $3,400 and $3,800. However, if Ether breaks the current support, the market will return to its previous low of $2,850. The downtrend will begin if the support level of $2,850 is broken. ETH/USD is currently worth $3,044.

Analysis of the Ethereum  indicators

The price bars remain below the moving average lines and continue their downtrend. On the 4-hour chart, the price bars are above the moving average, indicating growth for the cryptocurrency. Ether's upward movement is currently limited by resistance at $3,000.

Technical indicators:

Key resistance levels – $4,000 and $4,500

Key support levels – $3,500 and $3,000

ETHUSD_(Daily Chart) – May 17.jpg

What is the next direction for Ethereum?

The largest altcoin is still trading in a range below the 21-day SMA resistance line. Nonetheless, Ether is currently trading between $2,850 and $3,000. Ether's uptrend will continue if buyers manage to overcome the $3,000 hurdle. However, if buyers fail to keep the price above the moving average lines, the current price range will remain.

ETHUSD_(4-hour Chart) – May 17.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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