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Ethereum Price Dips, Then Rips: Exciting Trading Opportunities Ahead

May 25, 2024
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Ethereum worth dipped sharply after it rallied towards $3,940. ETH is now consolidating close to $3,850 and is eyeing extra upsides within the close to time period.

Ethereum began a consolidation after it rallied towards the $3,940 resistance zone.
The worth is buying and selling above $3,720 and the 100-hourly Easy Shifting Common.
There’s a key bullish development line forming with assist at $3,720 on the hourly chart of ETH/USD (knowledge feed through Kraken).
The pair may proceed to maneuver up until there’s a break beneath the $3,620 assist.

Ethereum Value Eyes Extra Positive aspects

Ethereum worth prolonged its enhance above the $3,700 and $3,750 resistance ranges. ETH outperformed Bitcoin and even climbed above the $3,880 stage. A brand new weekly excessive was fashioned at $3,943 earlier than there was a pointy decline.

The worth dived beneath the $3,800 and $3,750 ranges. A low was fashioned at $3,530 stage and the worth recovered most losses. It’s again above the 50% Fib retracement stage of the downward transfer from the $3,943 swing excessive to the $3,530 low.

Ethereum is now buying and selling above $3,720 and the 100-hourly Easy Shifting Common. There may be additionally a key bullish development line forming with assist at $3,720 on the hourly chart of ETH/USD.

Rapid resistance is close to the $3,845 stage or the 76.4% Fib retracement stage of the downward transfer from the $3,943 swing excessive to the $3,530 low. The primary main resistance is close to the $3,880 stage. An upside break above the $3,880 resistance would possibly ship the worth greater.

Supply: ETHUSD on TradingView.com

The subsequent key resistance sits at $3,940, above which the worth would possibly achieve traction and rise towards the $4,000 stage. If there’s a clear transfer above the $4,000 stage, the worth would possibly rise and check the $4,080 resistance. Any extra good points may ship Ether towards the $4,200 resistance zone.

One other Decline In ETH?

If Ethereum fails to clear the $3,840 resistance, it may begin one other draw back correction. Preliminary assist on the draw back is close to the $3,720 stage and the development line.

The subsequent main assist is close to the $3,620 zone. A transparent transfer beneath the $3,620 assist would possibly push the worth towards $3,550. Any extra losses would possibly ship the worth towards the $3,390 stage within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD continues to be above the 50 zone.

Main Assist Degree – $3,720

Main Resistance Degree – $3,880



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Tags: AheadDipsEthereumExcitingOpportunitiesPriceRipsTrading
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