Ethereum Is In A Vertical Rally And Has Reached A High Of $3,720

May 21, 2024 at 08:54 // Price
Coin Idol

The price of Ethereum (ETH) has resumed its uptrend, rising and breaking above the 50-day SMA. Price analysis by

Long-term analysis of the Ethereum price: bullish

Since May 17, the largest altcoin has been trapped between moving average lines. The cryptocurrency fluctuated between the moving average lines for three days before staging a recovery. The cryptocurrency has bounced off its sideways trend. On May 20, the upward momentum broke through the 50-day SMA and rose to the $3,720 resistance level. Ether is now trading at $3,691.50. The positive trend has come to a halt as the altcoin has reached the $3,700 resistance level.

If Ether is rejected at its recent high, it could fall back to the $3,400 support, meaning the price of the altcoin will range between $3,400 and $3,700.

Analysis of the Ethereum indicator

Ether has recovered in a vertical trend. The price bars have risen above their moving average lines. The vertical rally has stalled at the $3,700 mark. On the 4-hour chart, the moving average lines are sloping north with a bullish crossover. Ether's 21-day SMA has crossed above the 50-day SMA, indicating an uptrend.

Technical indicators:

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

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

ETHUSD_(Daily Chart) – May 21.jpg

What's next for Ethereum?

Ethereum has recovered from its downtrend after the May 20 breakout. Ether rose to a high of $3,720 before falling back again. The altcoin is trading below the $3,700 mark. Should the bulls overcome the $3,700 resistance, the altcoin will rise to highs of $3,800 and $4,000.

ETHUSD_(4-hour Chart) – May 21.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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