Ethereum gains support but struggles below the $3,800 level

Ethereum gains support but struggles below the $3,800 level

Jun 02, 2024 @ 08:41 // Price

On May 23, the price of Ethereum (ETH), reached a high resistance level of $3944. As the price approached $3,944 and $3,730, there was a battle between bulls vs bears.

Long-term Analysis of the Ethereum Price: Bullish

The price of cryptocurrency closed at 3,787. Currently, the price of cryptocurrency fluctuates between $3730 and $4,000 Ether is on the rise because the breakout support at $3,730 holds. Ether will rise to its previous high if buyers manage to break through the $4,000 zone of resistance. Bullish momentum will continue up to $4,800.

The largest altcoin, however, will remain in range as the bulls are pushed away. If the bears breach the $3,730 level of breakout, Ether will drop. It will rise above the SMA of 21 days and break above $3,050. The exchange rate between ETH to USD at the time this article was written was $3,807.

Analysis of the Ethereum Indicator

Ether gains as it finds support over its breakout level $3,730. The price bars are also above the moving-average lines, which accelerates the uptrend of the cryptocurrency. Due to the sideways movement, the moving average lines are horizontally sloping on the 4-hour chart.

Technical indicators

Key Resistance Levels - $4,000 and $2,500

Support levels for $3,500 and $3,000

READ  Litecoin stops at $84 as it is forced to a narrow range

What is the future direction of Ethereum?

The price of cryptocurrency is currently below the moving average line on the 4-hour chart. Since May 29, buyers struggled to push Ether over the moving average or $3,800. Ether's signal fluctuates due to its sideways trend.

Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as an endorsement from CryptoGuestPosts. Before investing in funds, readers should conduct their own research.


Tap into thousands of readers who are craving the next big crypto projects -- Submit Your Guest Post Now.