TA: Ethereum Reclaims $3K, Why ETH Could Rally To $3,400
23 Setembro 2021 - 2:08AM
NEWSBTC
Ethereum started a decent recovery and climbed above $3,000 against
the US Dollar. ETH price could accelerate higher if it clears the
$3,200 resistance zone. Ethereum started a decent upward move above
the $3,000 and $3,050 levels. The price is now trading above $3,000
and near the 100 hourly simple moving average. There was a break
above a major bearish trend line with resistance near $2,950 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
continue to rise if it clears $3,135 and $3,200 in the near term.
Ethereum Price Is Rising Ethereum formed a support base above the
$2,650 and started a steady recovery wave. ETH broke the $2,800
resistance zone and gained pace, similar to bitcoin. There was also
a break above a major bearish trend line with resistance near
$2,950 on the hourly chart of ETH/USD. The pair surpassed the 76.4%
Fib retracement level of the key decline from the $3,105 swing high
to $2,651 swing low. The price is now trading above $3,000 and near
the 100 hourly simple moving average. An immediate resistance on
the upside is near the $3,135 level. The first major resistance is
near the $3,200 level. It is close to the 1.236 Fib extension level
of the key decline from the $3,105 swing high to $2,651 swing low.
Source: ETHUSD on TradingView.com A close above the $3,200
resistance could push the price further higher. The next major
resistance might be near the $3,400 level. It represents the 1.618
Fib extension level of the key decline from the $3,105 swing high
to $2,651 swing low. An intermediate resistance might be near the
$3,320 level. More Losses in ETH? If ethereum fails to continue
higher above the $3,135 and $3,200 resistance levels, it could
start a downside correction. An initial support on the downside is
near the $3,050 level. The next major support seems to be forming
near the $3,000 level. A downside break below the $3,000 support
zone could lead the price towards the $2,800 zone. The next major
support is near the $2,650 level, below which ether price might
decline towards the $2,500 region in the near term. Technical
Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining
pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now
well above the 50 level. Major Support Level – $3,000 Major
Resistance Level – $3,200
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