BTC / USD
23,262.68
2.03%
(+463.89)
ETH / USD
1,675.95
3.44%
(+55.73)
XRP / USD
0.40
3.19%
(+0.01)
LTC / USD
100.93
4.68%
(+4.51)
EOS / USD
1.11
5%
(+0.05)
BCH / USD
136.21
3.42%
(+4.51)
ADA / USD
0.40
4.75%
(+0.02)
XLM / USD
0.09
3.84%
(0)
NEO / USD
9.19
5.66%
(+0.49)
XEM / USD
0.04
6.74%
(0)
DASH / USD
65.54
5.25%
(+3.27)
USDT / USD
1.00
0%
(0)
BNB / USD
332.77
2.35%
(+7.65)
QTUM / USD
2.98
5.63%
(+0.16)
XVG / USD
0.00
6.4%
(0)
ONT / USD
0.24
5.92%
(+0.01)
ZEC / USD
46.92
7.54%
(+3.29)
STEEM / USD
0.23
1.94%
(0)

TA: Ethereum Won’t Go Down Quietly: Risk of Bounce Grows

0

Ethereum is forming a base near the $3,660 zone against the US Dollar. ETH price is correcting higher, but a move above $3,920 is needed for upside continuation.

  • Ethereum is forming a base near the $3,660 and $3,700 support levels.
  • The price is still trading below $4,000 and the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $3,920 resistance zone and the 100 hourly SMA.

Ethereum Price Forms Base

Ethereum extended decline below the $3,800 level. ETH formed a base near the $3,660 and $3,700 levels, and recently started an upside correction.

There was a move above the $3,800 level. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,175 swing high to $3,665 low. Besides, there was a break above a connecting bearish trend line with resistance near $3,800 on the hourly chart of ETH/USD.

Ether price is now facing resistance near the $3,880 zone. The next major resistance is near the $3,920 level. It is close to the 50% Fib retracement level of the recent drop from the $4,175 swing high to $3,665 low. A clear move above the $3,920 level could stage a steady upward move.

Source: ETHUSD on TradingView.com

The next stop for the bulls could be $4,000. A close above the $4,000 level may possibly spark a strong rally in the coming sessions. In the stated case, it could even rise towards the $4,250 level.

Fresh Decline in ETH?

If ethereum fails to start a fresh increase above the $3,920 level, it could start a fresh decline. An initial support on the downside is near the $3,820 level.

The key support is now forming near the $3,720 level. If there is a clear break below the $3,720 support, the price could extend losses. The next major support is $3,660, below which the bears are likely to aim a test of $3,500. Any more losses might lead the price towards the $3,320 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is above the 50 level.

Major Support Level – $3,720

Major Resistance Level – $3,920

Leave A Reply

Your email address will not be published.