ethereum price is aiming for a bullish break above the $2,900 level. eth must settle above $2,900 and $2,940 to continue rising in the near term.
- ethereum is forming a base above the $2,860 support zone.
- The price is trading below $2,950 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $2,905 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a decent rise if it closes above the $2,940 and $2,950 resistance levels.
ethereum price foresees a new increase
ethereum price struggled to settle above the $3,000 level and began another decline, just like bitcoin. eth traded below the $2,950 and $2,940 support levels.
The price even traded below $2,900. However, the bulls were again active near the $2,860 support zone. A low was formed at $2,860 and the price is now consolidating losses. It is slowly moving above the $2,885 level.
ethereum is now trading below $2,950 and the 100 hourly simple moving average. The immediate resistance is near the $2,900 level. There is also a key bearish trend line forming with resistance at $2,905 on the hourly chart of eth/USD. The trend line is near the 23.6% Fibonacci retracement level of the recent drop from the high of $2,992 to the low of $2,860.
A bullish break above the trend line could send the price towards the $2,925 level and the 100 hourly simple moving average. The first major resistance is near the $2940 level or the 61.8% Fibonacci retracement level of the recent decline from the high of $2992 to the low of $2860.
<img decoding="async" class="alignnone size-full wp-image-608055" src="https://technicalterrence.com/wp-content/uploads/2024/05/Ethereum-Price-Anticipates-Bullish-Breakout-to-Shift-Sentiment-Towards-Bullish.png" alt="ethereum Price” width=”1024″ height=”461″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/05/Ethereum-Price-Anticipates-Bullish-Breakout-to-Shift-Sentiment-Towards-Bullish.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/05/Ethereum-Price-Anticipates-Bullish-Breakout-to-Shift-Sentiment-Towards-Bullish.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/05/Ethereum-Price-Anticipates-Bullish-Breakout-to-Shift-Sentiment-Towards-Bullish.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/05/Ethereum-Price-Anticipates-Bullish-Breakout-to-Shift-Sentiment-Towards-Bullish.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/05/Ethereum-Price-Anticipates-Bullish-Breakout-to-Shift-Sentiment-Towards-Bullish.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/05/Ethereum-Price-Anticipates-Bullish-Breakout-to-Shift-Sentiment-Towards-Bullish.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/05/Ethereum-Price-Anticipates-Bullish-Breakout-to-Shift-Sentiment-Towards-Bullish.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The next key resistance lies at $2,950, above which the price could gain traction and rise towards the $3,000 level. If there is a clear move above the $3,000 level, the price could rise and test the resistance of $3,050. Any further gains could send Ether towards the $3,150 resistance zone.
Another drop in eth?
If ethereum fails to overcome the $2,925 resistance, it could start another decline. Initial support on the downside is near the $2,880 level.
The first major support is near the $2,860 area. The next support is near the $2,810 level. A clear move below the $2,810 support could push the price towards $2,740. Any further losses could send the price towards the $2,650 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,860
Main Resistance Level: $2,925
