TA: Ethereum Holds Key Support, What Could Trigger Sharp Rally
13 Octobre 2021 - 7:48AM
NEWSBTC
Ethereum stayed above the $3,400 support zone against the US
Dollar. ETH price must clear $3,540 to start a fresh rally in the
near term. Ethereum remained well supported above the $3,400 and
$3,380 levels. The price is now trading near $3,520 and the 100
hourly simple moving average. There is a major declining channel
forming with resistance near $3,520 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could start a fresh rally if there
is a clear break above $3,540 and $3,550. Ethereum Price Could Turn
Green Ethereum started a fresh decline from the $3,600 resistance
zone. ETH traded below the $3,500 support and the 100 hourly simple
moving average. However, the bulls remained active near the $3,400
level. A low was formed near $3,405 and the price is now rising.
Ether price is now trading above the $3,450 level. There was a
break above the 23.6% Fib retracement level of the downward move
from the $3,620 swing high to $3,405 swing low. It is now trading
near $3,520 and the 100 hourly simple moving average. There is also
a major declining channel forming with resistance near $3,520 on
the hourly chart of ETH/USD. The trend line is close to the 50% Fib
retracement level of the downward move from the $3,620 swing high
to $3,405 swing low. If there is a clear break above the channel
resistance, the price could start a fresh increase above the $3,540
level. Source: ETHUSD on TradingView.com The next major resistance
is near the $3,540 level, above which the price might start a fresh
surge. In the stated case, the price could climb towards the $3,620
level. Dips Supported in ETH? If ethereum fails to continue higher
above the $3,520 and $3,540 resistance levels, it could start a
fresh decline. An initial support on the downside is near the
$3,450 level. The first key support is now forming near the $3,400
level. If there is a downside break below the $3,400 and $3,380
support levels, the price could decline further. The next key
support is near $3,375. Any more losses could push ether price
towards the $3,300 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 – $3,520 Major Resistance Level – $3,450
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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