Ethereum Consolidates above $3,700 as It Aims At a High of $4,053

Ethereum (ETH) Current Statistics
The current price: $3,809.23
 Market Capitalization: $457.61B
Trading Volume: $46.3B
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

 Ethereum (ETH) Price Analysis May 23, 2024
Ethereum (ETH) price rebounds and breaks above the 50-day SMA as it aims at a high of $4,053. The largest altcoin moved between the moving average lines for three days before rebounding. The upward trend has stalled at the $3,900 barrier level.

The price rally peaked at $3,944.90, then fell quickly to $3,529 before pulling back. At the time of writing, Ether is worth $3,751. The altcoin is consolidating above the $3,700 support, indicating a potential upward rise. If the $3,700 support holds, Ethereum’s ascent could resume.

A break above the $3,900 resistance will send ETH/USD to a high of $4,053.

ETH Technical Indicators Reading
Following the market comeback, the price bars are now above the moving average lines. Ether will continue to increase while remaining above the moving average lines. The 4-hour price bars are close to and above the 21-day simple moving average.

Ether will restart its upward trend if it finds support above the 21-day SMA. In a similar line, selling pressure will return if the price falls below the 21-day SMA.

Conclusion
Ethereum continues to rise but hits resistance at $3,900 as it aims at a high of $4,053. Since May 21, the cryptocurrency has been oscillating below its barrier. On the upside, if the bulls break the $3,900 barrier, Ether will rise beyond the $4,000 psychological price mark.

Meanwhile, the crypto signal is good, as the altcoin resumes its upward trend.

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