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Home»EXCHANGE NEWS»Ethereum price is in a rut, but poised for an interesting uptrend
EXCHANGE NEWS

Ethereum price is in a rut, but poised for an interesting uptrend

By Crypto FlexsJune 5, 20242 Mins Read
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Ethereum price is in a rut, but poised for an interesting uptrend
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Ethereum price is struggling to break the $3,840 resistance level. ETH could gain bullish momentum if it breaks the resistance levels of $3,840 and $3,880.

  • Ethereum is maintaining gains above the $3,720 level.
  • The price is trading above $3,750 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) has a bullish trend line forming with support near $3,760.
  • Unless the pair closes below the $3,720 support, it could start a new increase.

Ethereum price maintains support

Ethereum price fell back below the $3,760 support zone. ETH retested the $3,720 support and maintained a good bid. A low was made at $3,728 and the price began another rise like Bitcoin.

There was a move above the $3,800 level, but the downtrend was reactivated near $3,840. A high was formed at $3,836 and the price is currently consolidating gains within a certain range. It is trading just below the 23.6% Fib retracement level, rising from the $3,728 swing low to the $3,836 high.

Ethereum is currently trading above $3,760 and the 100-hour simple moving average. Additionally, the hourly chart of ETH/USD has a bullish trend line forming with support near $3,760.

If there is another increase, ETH may face resistance near the $3,820 level. The first major resistance is near the $3,840 level. An upside reversal above the $3,840 resistance could push the price higher. The next major resistance level is $3,920, above which the price may gain traction towards the $4,000 level.

Source: ETHUSD on TradingView.com

If bulls push Ethereum above the $4,000 level, the price could move higher and test the $4,080 resistance. Further gains could lead Ether towards the $4,220 resistance zone.

Another decline in ETH?

If Ethereum fails to clear the $3,840 resistance, it could begin another downtrend. Initial support on the downside is near $3,780, with the 50% Fib retracement level rising from $3,728 to $3,836.

The next major support level is near $3,760. A clear break below the $3,760 support could push the price towards $3,720. More losses could push the price higher towards the $3,650 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 area.

Key Support Level – $3,760

Key Resistance Level – $3,840

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