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

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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.

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