BTC / USD
41,982.37
4.24%
(-1860.76)
ETH / USD
2,227.40
5.07%
(-119.05)
XRP / USD
0.62
5.89%
(-0.04)
LTC / USD
72.55
7.34%
(-5.75)
EOS / USD
0.77
6.75%
(-0.06)
BCH / USD
232.53
6.95%
(-17.36)
ADA / USD
0.55
8.2%
(-0.05)
XLM / USD
0.12
5.66%
(-0.01)
NEO / USD
11.82
8.69%
(-1.12)
XEM / USD
0.04
8.12%
(-0)
DASH / USD
32.50
7.37%
(-2.59)
USDT / USD
1.00
0.04%
(-0)
BNB / USD
242.53
0.91%
(+2.19)
QTUM / USD
3.12
8.47%
(-0.29)
XVG / USD
0.00
7.34%
(-0)
ONT / USD
0.23
6.87%
(-0.02)
ZEC / USD
30.42
8.91%
(-2.98)
STEEM / USD
0.25
6.28%
(-0.02)

TA: Ethereum Gearing For Another Lift-Off to $3,500: Recovery Isn’t Over Yet

0

Ethereum started a downside correction from $3,400 against the US Dollar. ETH price is holding the $3,250 support and eyes a fresh increase above the $3,320 resistance.

  • Ethereum started a downside correction from the $3,400 resistance zone.
  • The price is trading above $3,250 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it stays above the $3,250 support zone.

Ethereum Price Corrects Lower

Ethereum started a strong increase above the $3,320 resistance zone. ETH even broke the $3,400 resistance zone and the 100 hourly simple moving average, but there was no momentum.

A high was formed near $3,412 and the price is now correcting gains. Ether price declined below the $3,320 support. There was a break below the 23.6% Fib retracement level of the key increase from the $2,931 swing low to $3,412 high.

Besides, there was a break below a major bullish trend line with support near $3,300 on the hourly chart of ETH/USD. It is now trading above $3,250 and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

On the upside, an immediate resistance is near the $3,300 level. The first major resistance is near the $3,320 level. A clear move above the $3,320 level might start another increase in the near term. The next major resistance is near the $3,400 level, above which ether price could test $3,480. Any more gains could send the price towards the $3,550 level in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $3,320 level, it could continue to move down. An initial support on the downside is near the $3,250 level. The first key support is now forming near the $3,175 level.

It is near the 50% Fib retracement level of the key increase from the $2,931 swing low to $3,412 high. A downside break below the $3,175 level might push the price towards the $3,115 zone. Any more losses could lead the price towards $3,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bearish zone.

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

Major Support Level – $3,250

Major Resistance Level – $3,320

Leave A Reply

Your email address will not be published.