#ETH has been in a state of consolidation and has encountered a minor obstacle at the psychological support level of $1800, resulting in a sideways trend for almost a week.
On May 3rd, the Federal Reserve of the United States announced a 25 basis point increase in the interest rate during the Federal Open Market Committee (FOMC) meeting. This announcement was anticipated by the crypto market and led to a minor upward movement in the value of several cryptocurrencies.
#Ethereum is on the rise and has surpassed the resistance level of $1,880 against the US Dollar. If it manages to overcome the hurdle of $1,920, it could potentially surge to $2,000 or even $2,050.
After consolidating above the support level of $1,800, Ethereum's value began a gradual upward climb, following a similar trend to Bitcoin, which surpassed the resistance level of $28,800.
After breaching the $1,900 mark, ETH encountered resistance from sellers in the zone of $1,920. However, despite experiencing a downward correction, buyers remained active around the $1,870 level. A new low was formed at $1,867, and the price has since resumed an upward trajectory. The recent decline from the $1,918 high to the $1,867 low was retracted by 50%, as the price broke through this level.
At present, Ethereum is being traded above the 50-hourly Simple Moving Average and the $1,880 level. On the hourly chart of ETH/USD, a significant uptrend line is taking shape, which provides support in the vicinity of $1,880.
The immediate hurdle for Ethereum is located around the $1,920 level, with the following significant resistance anticipated to emerge close to $1,940. Should the price break above this level and close above it, it could prompt a rally towards the $2,000 resistance level. Further upward momentum could propel Ether towards the $2,080 resistance level, with the potential to surpass this and reach the $2,120 resistance zone.
However, if Ethereum fails to surpass the $1,920 resistance level, it may experience a downside correction. In this scenario, the initial support could be observed around the $1,880 level, in conjunction with the trend line and the 100 hourly SMA. A drop below this support zone may result in a decline towards the $1,840 support level, with further losses possibly pushing the price towards the $1,800 level in the near future.
The market capitalization of ETH is approx at $228,594,127,935. The 24-hour trading volume is expected to be $6,743,871,496.
KEY LEVELS :
RESISTANCE LEVEL : $1,940-$1,980
SUPPORT LEVEL : $1,860-$1,820
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
