Ethereum price analysis today May 24
Let's refer to today's ethereum price analysis on May 24 to make the right decisions with this asset!
Ethereum price extended its gains and tested the $3,840 level. ETH is holding gains and appears to be heading towards $4,000.
- Ethereum started a fresh increase and traded above the $3,750 resistance area.
- The price is trading above $3,700 and the 100 SMA.
- There is a short-term rising trend line forming with support at $3,710.
- BTC could continue to rise unless there is a break below the $3,380 support.
Ethereum Price Aims for Additional Profits
Ethereum price begins a new rally after reports of rising hopes for the ETH ETF. There was a move above the $3,500 and $3,650 resistance levels.
ETH outperformed Bitcoin and even climbed above $3,750. A new weekly high was formed at $3,838 and the price is currently consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward wave from $3,065 to $3,838.
Ethereum is currently trading above $3,700 and the 100 SMA. There is also a short-term uptrend line forming with support at $3,710.
Immediate resistance is near the $3,840 level. The first major resistance is near the $3,880 level. A break above the $3,880 resistance could send the price higher. The next key resistance lies at $3,950, above which the price could gain traction and rally towards $4,000.
Source: TradingView
If there is a clear move above $4,000, the price could rise and test the resistance at $4,080. Any further gains could send Ether towards the $4,200 resistance area.
Case of ETH correction
If Ethereum fails to clear the $3,840 resistance, it could start a downside correction. Initial support on the downside is near the $3,710 level and the trendline.
The next major support is near the $3,620 area. A clear move below the $3,620 support could push the price to $3,450 or the 50% Fib retracement level of the upward wave from $3,065 to $3,838. Any further losses could push the price towards $3,380 in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting from the 75 zone.
Major support level – 3,620 USD
Key resistance – $3,840
According to NewsBTC
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