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NewsBTC 2024-05-23 01:58:51

Ethereum Price Consolidates: Steadying Before the Next Move?

Ethereum Price Consolidates: Steadying Before the Next Move?

Ethereum price started a consolidation phase above the $3,650 support. ETH seems to be preparing for the next move up toward $4,000 in the near term. Ethereum started a consolidation after it tested the $3,840 resistance zone. The price is trading above $3,700 and the 100-hourly Simple Moving Average. There is a short-term contracting triangle forming with support at $3,690 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up unless there is a break below the $3,450 support. Ethereum Price Holds Support Ethereum price extended its increase above the $3,500 and $3,650 resistance levels. ETH outperformed Bitcoin and even climbed above the $3,800 level. A new weekly high was formed at $3,838 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $3,065 swing low to the $3,838 high. Ethereum is now trading above $3,700 and the 100-hourly Simple Moving Average. There is also a short-term contracting triangle forming with support at $3,690 on the hourly chart of ETH/USD. Immediate resistance is near the $3,780 level. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher. The next key resistance sits at $3,920, above which the price might gain traction and rise toward the $4,000 level. If there is a clear move above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,200 resistance zone. Downside Break In ETH? If Ethereum fails to clear the $3,780 resistance, it could start a downside correction. Initial support on the downside is near the $3,690 level and the trend line. The next major support is near the $3,650 zone. A clear move below the $3,650 support might push the price toward $3,450 or the 50% Fib retracement level of the upward move from the $3,065 swing low to the $3,838 high. Any more losses might send the price toward the $3,360 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is still above the 75 zone. Major Support Level – $3,650 Major Resistance Level – $3,840

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