Tuesday, May 28, 2024

    Ethereum Price Weekly Analysis – ETH/USD Remains Bullish

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    Key Highlights

    • ETH price after a dip found support near the $390 level and moved higher against the US Dollar.
    • There is a crucial bullish trend line forming with support near $415 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
    • The pair might correct once again towards the trend line or $420, but downsides remain limited.

    Ethereum price remains bullish against the US Dollar, but struggling against Bitcoin. ETH/USD might dip a few points, but remains supported.

    Ethereum Price Trend

    This past week was a roller coaster ride for ETH price as it traded above the $500 handle against the US Dollar. The price traded to a new all-time high at $513.75 before facing strong selling interest. There was a sharp decline and the price moved below the $500, $440 and $400 support levels. A low as formed near $390.00 from where the price started an upside move.

    The downside move was mainly protected by a crucial bullish trend line with current support near $415 on the 4-hours chart of ETH/USD. Moreover, the $400 handle and the 100 simple moving average (4-hours) also acted as a strong support. The pair recovered and moved above the 50% Fib retracement level of the last decline from the $513.75 high to $390.74 low. The current price action is positive above the $440 level, but the pair is struggling near $466. The mentioned $466 level is the 61.8% Fib retracement level of the last decline from the $513.75 high to $390.74 low.

    The pair is struggling to break the $466-470 levels. Therefore, there are chances of it declining once again towards $430 or the trend line support. However, downsides remain limited below $410 and the bullish trend remains intact for more gains.

    4-hours MACD – The MACD is moving back from the bearish to bullish zone.

    4-hours RSI – The RSI is currently just above the 50 level.

    Major Support Level – $430

    Major Resistance Level – $466


    Charts courtesy – SimpleFX

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