Ethereum is now trading below $2,950 and the 100 hourly simple moving average.
Ethereum price is approaching 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, according to data from Kraken. The pair could start a decent rise if it closes above the $2,940 and $2,950 resistance levels.
ETH: Price Expected to Rise
Ethereum price had difficulty reaching 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 level of $2,925 and the 100 hourly simple moving average. The first major resistance is near the $2,940 level or the 61.8% Fibonacci retracement level of the recent decline from the high of $2,992 to the low of $2,860.
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.
ETH: Another Possible Fall
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 push the price towards the $2,650 level in the near term.
MACD Hourly Technical Indicators. 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.
ETH Forecast
According to CryptoPredictions, Ethereum started in May 2024 at $2,832 and is expected to finish the month at $3,278,713. During May, the maximum forecasted ETH price is $3,774.582 and the minimum price is $2.832.
As of today, ETH is forecast to be in the $3,059,955 – $4,499,934 price range. Ethereum is predicted to end today at $3,599,947.
By Audy Castaneda
