BTC / USD
23,131.46
1.19%
(+271.05)
ETH / USD
1,582.90
0.67%
(+10.51)
XRP / USD
0.40
3.48%
(+0.01)
LTC / USD
97.08
2.29%
(+2.17)
EOS / USD
1.06
0.86%
(+0.01)
BCH / USD
133.83
0.41%
(-0.56)
ADA / USD
0.39
4.1%
(+0.02)
XLM / USD
0.09
0.74%
(-0)
NEO / USD
8.17
1%
(+0.08)
XEM / USD
0.04
1.44%
(0)
DASH / USD
60.57
1.95%
(-1.2)
USDT / USD
1.00
0.01%
(0)
BNB / USD
310.85
0.79%
(-2.47)
QTUM / USD
2.66
0.2%
(+0.01)
XVG / USD
0.00
2.08%
(0)
ONT / USD
0.21
0.62%
(-0)
ZEC / USD
44.95
0.29%
(+0.13)
STEEM / USD
0.19
1.34%
(0)

TA: Ethereum Gearing For Another Lift-Off to $3.5K: Rally Isn’t Over Yet

0

Ethereum climbed to a new weekly high above $3,250 against the US Dollar. ETH price is correcting gains, but it might find support near $3,150.

  • Ethereum started a downside correction after it spiked above the $3,250 level.
  • The price is still trading above $3,150 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above $3,150 and $3,100 to start another increase in the near term.

Ethereum Price Eyes More Upsides

Ethereum remained strong and extended increase above the $3,200 level. ETH even climbed above the $3,250 level and settled well above the 100 hourly simple moving average.

A high was formed near the $3,272 and the price is now correcting gains. It is trading below the $3,200 support level. Ether corrected lower below the 23.6% Fib retracement level of the recent increase from the $3,028 swing low to $3,272 high.

However, the price is still trading above $3,150 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $3,150 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $3,220 level. The first major resistance is near the $3,220 level. A successful close above $3,250 might start another increase. In the stated case, the price could surpass the $3,280 and $3,300 levels. The next major stop for the bulls may possibly be near the $3,400 level.

Dips Limited in ETH?

If ethereum fails to continue higher above $3,220 or $3,250, it could start a downside correction. An initial support on the downside is near the $3,150 level and the trend line zone.

The trend line is also near the 50% Fib retracement level of the recent increase from the $3,028 swing low to $3,272 high. A downside break below the trend line support might push the price towards the 100 hourly SMA. The next major support is near the $3,050 level, below which there is a risk of a larger decline.

Technical Indicators

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

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

Major Support Level – $3,150

Major Resistance Level – $3,250

Leave A Reply

Your email address will not be published.