Ethereum gains strong support, faces resistance under $3,800 😔

The Bullish Trend of Ethereum Continues

The price of Ethereum (ETH) recently reached a resistance level of $3,944 on May 23, showcasing a battle between bullish and bearish forces. As the price approached the $3,944 resistance level and the $3,730 break-level support, there was significant fluctuation in the market. Interestingly, the bulls managed to maintain control as the cryptocurrency closed at $3,787, indicating a positive bullish momentum.

Key Points:

The price of Ethereum hit a resistance level of $3,944 on May 23
Bulls and bears engaged in a battle near the $3,730 support level
Ethereum closed at $3,787 with a bullish sentiment prevailing

Long-term Analysis of the Ethereum Price: Bullish Stand

The current price of Ethereum is fluctuating in the range between $3,730 and $4,000, indicating a strong bullish trend. The breakout support at $3,730 is holding, signifying a potential upward movement if buyers breach the $4,000 resistance zone. In such a scenario, Ethereum is expected to surge past its previous high of $3,944, reaching new milestones. The bullish momentum could drive the price of Ether towards the $4,800 mark, showcasing strong investor confidence.

Analyzing the Ethereum Indicator

Ethereum is gaining momentum as it finds support above the crucial breakout level of $3,730. Furthermore, the price bars are currently positioned above the moving average lines, indicating an accelerated uptrend for the cryptocurrency. Despite a sideways trend, the moving average lines on the 4-hour chart are stable, portraying a positive outlook for Ethereum in the market.

Technical Indicators:

Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $3,500 and $3,000

Future Prospects for Ethereum

Looking at the 4-hour chart, Ethereum is currently trading below the moving average lines, suggesting a slight struggle for buyers to push the price above the $3,800 level. Since May 29, there has been a consistent battle between bulls and bears near the moving average lines, resulting in a sideways trend for Ether. Despite this fluctuation, there is still optimism surrounding the cryptocurrency’s performance in the market.