TA: Why Ethereum (ETH) Remains Attractive On Dips Towards $2,400
03 Agosto 2021 - 2:08AM
NEWSBTC
Ethereum remained well bid above the $2,500 zone against the US
Dollar. ETH price must stay above $2,400 for upside continuation in
the near term. Ethereum struggled to clear the $2,650 resistance
and corrected lower. The price is still trading above $2,500 and
the 100 hourly simple moving average. There is a crucial bullish
trend line forming with support near $2,460 on the hourly chart of
ETH/USD (data feed via Kraken). The pair is likely to start a fresh
increase unless there is a clear break below $2,400 in the near
term. Ethereum Price is Holding Key Support Ethereum started a
fresh increase above the $2,600 level, outpacing bitcoin. ETH price
even broke the $2,650 resistance, but there was no real bullish
momentum. A high was formed near $2,666 before the price corrected
lower. It broke the $2,600 support level, but it is still well
above $2,500 and the 100 hourly simple moving average. There was a
break below the 50% Fib retracement level of the upward move from
the $2,510 swing low to $2,666 high. The price is now testing the
$2,550 support zone. It is near the 76.4% Fib retracement level of
the upward move from the $2,510 swing low to $2,666 high. There is
also a crucial bullish trend line forming with support near $2,460
on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com
On the upside, the first key resistance is near the $2,600 level.
The main resistance is now forming near the $2,650 level. A clear
break and close above $2,650 might start another steady increase.
In the stated case, the price could revisit the $2,700 level. More
Losses in ETH? If ethereum fails to continue higher above $2,620,
it could extend its decline. An immediate support on the downside
is near the $2,520 level. The next major support is near the $2,510
level and the 100 hourly simple moving average. The main support is
now forming near the trend line and $2,450. A clear downside break
below the $2,450 support zone could lead the price towards the
$2,350 support. Technical Indicators Hourly MACD – The MACD for
ETH/USD is slowly gaining pace in the bearish zone. Hourly RSI –
The RSI for ETH/USD is now close to the 40 level. Major Support
Level – $2,450 Major Resistance Level – $2,650
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