Ethereum price analysis today May 28
Let's refer to today's ethereum price analysis on May 28 to make appropriate decisions about this asset!
Ethereum price extended its gains above the $3,900 resistance level. ETH is currently consolidating near $3,880 and could continue to move higher in the near term.
- Ethereum started another increase above the $3,850 resistance.
- The price is trading above $3,850 and the 100 SMA.
- There is a key bullish trend line forming with support at $3,860.
- ETH could continue to rise and test the $4,000 resistance area in the near term.
Ethereum price targets $4,000
Ethereum price remains supported above the $3,650 support zone. ETH started another bull run and climbed above $3,750.
There was a move above the $3,850 resistance. The bulls pushed the price above the resistance at $3,940. It trades near the $4,000 resistance level. A high was formed near $3,973 and the price is currently correcting gains . There was a minor decline below the $3,920 level.
The price fell below the 23.6% Fib retracement level of the upward move from $3,630 to $3,973. Ethereum price is trading above $3,850 and the 100 SMA. There is also a key uptrend line forming with support at $3,860.
Immediate resistance is near the $3,940 level. The first major resistance is near the $3,970 level. A break above the $3,970 resistance could send the price higher. The next key resistance lies at $4,000, above which the price could gain traction and rally to $4,080.
Source: TradingView
If there is a clear move above $4,080, the price could rise and test the $4,220 resistance. Any further gains could take ETH towards the $4,350 resistance zone.
In case ETH reverses
If Ethereum fails to overcome the resistance at $3,940, it could reverse. Initial support on the downside is near the $3,860 level and the trendline.
The next major support is near the $3,800 zone or the 50% Fib retracement level of the upward move from $3,630 to $3,973. A clear move below the $3,800 support could push the price to $3,720. Any further losses could push the price towards $3,630 in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD remains above the 50 zone.
Major support level – 3,800 USD
Key resistance – $3,940
According to NewsBTC
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