Wed. May 22nd, 2024
Ethereum Technical Analysis

Ethereum Bulls Gain Momentum

  • Ethereum price saw a substantial rise above the $2,350 resistance.
  • The approval of Bitcoin’s spot ETFs contributed to Ethereum’s bullish momentum.
  • A significant breakout occurred above the $2,440 resistance, leading to a surge of over 5%.

Key Resistance Levels and Consolidation

  • Ethereum formed a new multi-week high near $2,642.
  • Current consolidation is above $2,500 and the 100-hourly Simple Moving Average.
  • Potential resistance near $2,650, with the next major hurdle at $2,720. Further bullish momentum may target $2,780 and $2,840.

Potential Downtrends and Support

  • Failure to breach $2,650 resistance may initiate a downside correction.
  • Initial support at $2,580, followed by crucial levels at $2,500 and the 50% Fib retracement.
  • A dip below $2,500 might lead to further losses, testing the $2,440 and $2,350 support levels.

Conclusion

Ethereum’s recent surge indicates a bullish trend, with key resistance levels to watch. Traders should monitor the $2,650 and $2,720 levels for potential breakout or correction scenarios. A sustained rally could propel ETH towards $2,840 and even $2,920, while dips face initial support at $2,580. As the crypto market evolves, staying updated on price movements remains crucial for informed decisions.

By Julia

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