May 28 2024: Ethereum is gearing up for a potential surge to a new yearly high, with its price approaching $4,000. Analysts have predicted that ETH could reach $4,500 before ETF trading begins.
Currently trading around $3,906, Ethereum has risen above the $3,800 level, supported by significant buying interest. The 50-Day EMA at $3,225 and the 100-Day EMA at $3,170 provide strong support for ETH. The RSI is at 72, indicating that ETH is overbought, which might suggest a pullback. However, market sentiment remains positive. A breakout above $4,000 could lead ETH to $4,500, with crucial resistance at $4,200. Downside levels to watch are $3,800 and $3,500 to maintain the bullish trend.
Bitcoin is struggling to maintain levels above $70,000, facing significant resistance. Recent price action shows BTC consolidating just below $69,000, with support at $68,000. If it fails to hold this level, BTC might test lower supports at $65,000 and $62,000, potentially falling to $60,000 if selling pressure increases.
Solana is testing strong support at the 26-day EMA, currently trading around $164. This level has historically provided a cushion, particularly around the $160 zone. If the 26 EMA fails, the next support is the 50-day EMA at $153. Solana has been volatile but maintained an upward trend in recent weeks, with resistance around $190.
