Connect with us

Hi, what are you looking for?

Investing

A new May high for the price of Ethereum at the $3839 level

A new May high for the price of Ethereum at the $3839 level

The price of Ethereum started this week calmly, hovering around the $3100 level.

Ethereum chart analysis

The price of Ethereum started this week calmly, hovering around the $3100 level. On Monday evening, we saw several strong bullish impulses and a rise to the $3700 level. This was followed by consolidation in that area. On Tuesday, we saw a continuation to the bullish side and the formation of a new high at the $3839 level. We were at that place more than two months ago.

Today’s movement of Ethereum takes place in the $3725-$3800 range. We are still in a bullish trend, but growth has slowed down and now we are moving into a certain lateral consolidation. We need to try to hold above $3700 to continue the previous bullish scenario. Potential higher targets are $3850 and $3900 levels.

Will Ethereum manage to hold above $3700 and continue to rise?

In the event of a bearish scenario, the first significant step would be a drop in the price of Ethereum below the $3700 level. This would mark a departure from the previous growth path. Subsequently, the price would need to contend with the $3600 support level. A failure to hold this level could lead to a deeper retreat. The EMA50 moving average, currently slightly lower at the $3580 level, provides additional support in this zone.

The impossibility of getting proper support there will affect us to see Ethereum in a bearish consolidation and search for a new level of support. Potential lower targets are $3500 and $3400 levels. The large EMA200 moving average is even lower and in the zone of $3250 level.

The post A new May high for the price of Ethereum at the $3839 level appeared first on FinanceBrokerage.

You May Also Like

Latest News

The Chinese foreign ministry announced sanctions against former Rep. Mike Gallagher, R-Wis., on Tuesday, the day after Taiwan inaugurated a new president. The former...

Stock

Spirit Airlines is doing away with both change and cancellation fees, effective immediately, days after Frontier’s similar announcement, part of an overhaul of the...

Economy

When former president Donald Trump released a video saying states should decide abortion rights, it was meant to tamp down discontent from antiabortion groups...

Economy

In an immediate sense, it doesn’t matter at all whether Americans think Donald Trump is guilty of the charges filed against him in New...