ETH/USD Nearly Hits $4000 as a Retracement May Follow

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ETH Price Prediction – May 9

ETH/USD is moving higher and above the main barrier of $3900 as the coin stays higher.

ETH/USD Market

Key Levels:

Resistance levels: $4400, $4600, $4800

Support levels: $3200, $3000, $2800

ETHUSD – Daily Chart

ETH/USD keeps the bullish movement as the coin continues to break the higher highs. Presently, the Ethereum (ETH) is making a gain of almost 0.14% and touches the daily high of $3984. However, the second-largest crypto is managing to keep its price above the 9-day and 21-day moving averages. Meanwhile, traders can expect Ethereum to prepare itself steadily for a ride towards $4000.

Where is ETH Price Going Next?

In the last few days, Ethereum has moved from $2216 to $3984 and at the same time moving to break the upper boundary of the channel. However, the ongoing trend may move a little bit higher in the coming week if the 9-day moving average stays above the 21-day moving average as the coin may reach the nearest resistance at $4000, therefore, any further bullish movement could hit additional resistance levels at $4400, $4600, and $4800 respectively.

However, a bearish drop may roll the market back below the 9-day MA and also to the initial support level of $3400. Meanwhile, the support levels are located at $3200, $3000, and $2800. As the trading volume increases, the technical indicator Relative Strength Index (14) is moving within the overbought region which indicates that more bullish signals may come to play.

When compares with Bitcoin, Ethereum is currently trading near the upper boundary of the channel. The price is changing hands at 6729 SAT as the technical indicator Relative Strength Index (14) moves within the overbought zone. However, the daily chart reveals that the coin is retreating after touching the daily high of 6891 SAT.

ETHBTC – Daily Chart

Negatively, the critical support levels are located at 6000 SAT and below. Inversely, a higher sustainable move may likely attract new buyers to the market with the next resistance at 7600 SAT and above.



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