Ethereum Gains Support But Struggles Below The $3,800 Level

Jun 02, 2024 at 08:41 // Price
Coin Idol
Ether signal is fluctuating due to the sideways trend

The price of Ethereum (ETH) peaked at a resistance level of $3,944 on May 23. There was a price battle between bulls and bears as the price approached the $3,944 resistance level and the $3,730 break-level support.

Long-term analysis of the Ethereum price: bullish

The bulls took the dips and the price of the cryptocurrency closed at $3,787. The price of the cryptocurrency is currently fluctuating between $3,730 and $4,000. Ether is rising because the breakout support of $3,730 is holding. If buyers break through the $4,000 resistance zone, Ether is expected to rise above its previous high. The bullish momentum will continue to the high of $4,800.

However, the largest altcoin will remain in a range as bulls are pushed back. Ether will fall if the bears break below the $3,730 breakout level. It will fall above the 21-day SMA and eventually break above $3,050. At the time of writing, the exchange rate between ETH and USD was $3,807.

Analysis of the Ethereum indicator

Ether is gaining as it finds support above its breakout level of $3,730. In addition, the price bars are above the moving average lines, accelerating the cryptocurrency's uptrend. The moving average lines on the 4-hour chart are sloping horizontally due to the sideways trend.

Technical indicators:

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

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

ETHUSD_(Daily Chart) – May 31.jpg

What is the next direction for Ethereum?

On the 4-hour chart, the price of the cryptocurrency is below the moving average lines. Since May 29, buyers have struggled to push Ether above the moving average lines or the $3,800 level. In addition, the Ether signal is fluctuating due to the sideways trend.

ETHUSD_(4-hour Chart) – May 31.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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