Ethereum Is Above $3,700 But Struggles With The Resistance

May 31, 2024 at 07:33 // Price
Coin Idol
The price of the cryptocurrency was halted at the resistance levels of $3,800 and $3,900

The price of Ethereum (ETH) is currently in a sideways trend after the uptrend ended on May 21. Price analysis of Ethereum coin by

Long-term analysis of the Ethereum price: bullish

The price of the cryptocurrency was halted at the resistance levels of $3,800 and $3,900. The bullish rise was fended off at the high of $3,900. The largest altcoin declined and found support above the $3,700 support. In other words, Ethereum is trading above the $3,700 support but below the $4,000 level. The current sideways movement is an anticipation of a possible bounce or breakdown.

On the upside, the market will rise to $4,800 if buyers break above the high of $4,000. On the other hand, if the bears break the current support at $3,700, Ether will fall to a low of $3,400. In the meantime, Ether is currently worth $3,779.

Analysis of the Ethereum  indicators

The price bars for Ether are in a range and remain above the moving average line. On May 23, bulls and bears battled over the price level. The bulls had previously driven the price to a high of $3,944 before the bears pushed it down to $3,529. However, Ether closed the day at $3,787, with the key support level currently at $3,700.

Technical indicators:

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

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

ETHUSD_(Daily Chart) – May 30.jpg

What is the next direction for Ethereum?

The 4-hour chart shows that Ether is in a sideways trend. After reaching the resistance zone, the price bars have fallen below the moving average lines. The price of the cryptocurrency is rejected near the resistance level of $3,800. The uptrend will kick in once buyers sustain the price above the $3,800 level. If the altcoin fails to hold its recent high, selling pressure will increase again.

ETHUSD_(4-hour Chart) – May 30.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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