$ETH May 4, Ethereum Midday Analysis — Short-Term Trend

At present, the price of Ethereum is in a strong upward momentum. It has broken through multiple short-term resistance levels, and the price is already approaching 2400. This could be a temporary pressure zone in the market. There is relatively high pressure for a short-term pullback, but if 2400 is broken, the price may continue to rise.

Support and Resistance:
Support level: The current support level is approximately near 2377.99. If the price pulls back to this level, it may find support and rebound.
Resistance level: The current resistance is 2398.88, close to 2400. After breaking this resistance level, the price may move higher again, with a target around 2450.

Trading Suggestions:
Long strategy: If the price breaks 2400 and stabilizes above this level, you can consider a small long entry at this level, targeting 2450. The stop loss can be set around 2375.
Short strategy: If the price fails to break 2400 and shows a pullback, you can consider shorting in the 2380–2400 range. The target can be 2377 or lower, with a stop loss set above 2410.

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