TA: Ethereum Breaking This Resistance Could Spark a Significant Surge
11 Octobre 2021 - 11:48AM
NEWSBTC
Ethereum corrected lower below $3,500 against the US Dollar. ETH
price remained supported and it is now eyeing a key upside break
above the $3,650 resistance. Ethereum started a fresh increase
above the $3,500 resistance level. The price is now trading above
$3,550 and the 100 hourly simple moving average. There was a break
above a key bearish trend line with resistance near $3,560 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could gain
bullish momentum once there is a clear break above $3,640 and
$3,650. Ethereum Price Eyes Key Upside Break Ethereum started a
downside correction from the $3,634 swing high. ETH traded below
the $3,550 support level and the 100 hourly simple moving average.
However, the price remained well bid above the $3,350 support. A
low was formed near $3,375 and the price started a fresh increase.
There was a clear break above the $3,500 and $3,550 resistance
levels. Ether surpassed the 50% Fib retracement level of the
downward move from the $3,634 swing high to $3,375 low. There was
also a break above a key bearish trend line with resistance near
$3,560 on the hourly chart of ETH/USD. The pair is now trading
above $3,550 and the 100 hourly simple moving average. Source:
ETHUSD on TradingView.com It is also well above the 76.4% Fib
retracement level of the downward move from the $3,634 swing high
to $3,375 low. An immediate resistance on the upside is near the
$3,600 level. The first major resistance is near the $3,620 level.
The next major resistance is near the $3,650 level, above which the
price might start a fresh surge. In the stated case, the price
could climb towards the $3,720 level. The next key resistance might
be $3,800. Dips Limited in ETH? If ethereum fails to continue
higher above the $3,620 and $3,650 resistance levels, it could
start a fresh downside correction. An initial support on the
downside is near the $3,550 level. The first key support is now
forming near the $3,520 level and the 100 hourly simple moving
average. Any more losses could lead ether price towards the $3,400
support zone. Technical Indicators Hourly MACD – The MACD for
ETH/USD is gaining pace in the bullish zone. Hourly RSI – The RSI
for ETH/USD is now above the 50 level. Major Support Level – $3,500
Major Resistance Level – $3,650
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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