- Ethereum prints four-day uptrend as traders spot smart money hinting at a bull run.
- Spot ETH ETFs see six straight days of inflows, marking a second week of gains—showing strong ETF demand.
- Key support holds near 200-day EMA, with 100-bar EMA and triangle bottom limiting immediate downside.
- RSI stays bullish, but mixed MACD signals may slow a quick breakout.
Ethereum (ETH/USD) climbs to an intraday high near $2,635.0 during Tuesday’s European session, as crypto enthusiasts reassess recent spot ETH ETF data and whale activity chatter as early signs of a potential rally in the second-largest cryptocurrency.
According to SoSoValue data as of May 23, spot ETH ETFs saw a net inflow of $248.31 million, marking a second straight week of gains and six consecutive days of inflows, with the latest at $58.63 million.
Meanwhile, the buzz on the Binance forum around a 52,000 ETH ($133 million) transfer between two wallets sparked trader interest, suggesting a move to attract momentum buyers and boost Ethereum’s price.
ETH/USD: Daily chart lures ETH bulls
Source: Tradingview
On the daily chart, Ethereum shows renewed strength as it bounces off the 200-day Exponential Moving Average (EMA) toward a three-month-old resistance line. This momentum is supported by the 14-day Relative Strength Index (RSI), which holds well above the neutral 50.00 level but remains below the overbought mark of 70.00. However, the Moving Average Convergence and Divergence (MACD) indicator signals bearishness, indicating that ETH/USD buyers will need a strong catalyst to clear the key upside hurdle.
That said, the ETH bulls currently approach an upward-sloping resistance line from late February, surrounding $2,750, which it needs to break to convince the dominance. After that, the late February high around $2,855 could challenge the ETH/USD pair’s run toward the key $3,000 psychological level.
Alternatively, Ethereum’s daily close below the 200-day EMA support level of around $2,450 could trigger a move down to the 16-week-old support zone near $2,150–$2,110. If ETH bears break the $2,110 support, as well as the $2,100 level, the last strong defense for buyers will be the mid-December 2024 resistance line near $1,800
ETH/USD: Four-Hour chart carves out multiple supports
Source: Tradingview
On the four-hour chart, Ethereum trades within a two-week-old ascending triangle, supported by the 100-bar EMA.
Like the daily chart, RSI stays firm above 50 but below 70, while MACD shows mixed signals, hinting at a slow upward move.
For bears, the key support is the 100-bar EMA and triangle bottom near $2,450—a break here could trigger a stronger downside. If that fails, sellers may target the 200-bar EMA at $2,295, the April trendline near $2,040, and the psychological $2,000 level.
On the upside, ETH may retest the $2,600 high, with further resistance at $2,735–$2,740, while $2,750 stands as a crucial level for bulls, aligning with daily chart signals
