TA: Ethereum Prints Bullish Breakout, Why Dips Turn Attractive
September 16 2021 - 12:08AM
NEWSBTC
Ethereum was able to extend its rally above the $3,500 resistance
zone against the US Dollar. ETH price is gaining pace and it might
continue to rise towards the $3,800 level. Ethereum started a
steady increase above the $3,500 and $3,550 resistance levels. The
price is now trading above $3,500 and the 100 hourly simple moving
average. There is a major bullish trend line forming with support
near $3,490 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is correcting gains, but dips could be limited below
$3,450 in the near term. Ethereum Price is Rising Ethereum started
a fresh increase after it was able to clear the $3,450 resistance
zone. ETH broke the $3,500 resistance zone and the 100 hourly
simple moving average to move further into a positive zone. The
upward move was such that the price even climbed above the $3,600
level. A high is formed near $3,620 and the price is now correcting
gains, similar to bitcoin. It traded below the $3,600 level. There
was a break below the 23.6% Fib retracement level of the recent
wave from the $3,361 swing low to $3,620 high. There is also a
major bullish trend line forming with support near $3,490 on the
hourly chart of ETH/USD. An immediate resistance on the upside is
near the $3,580 level. Source: ETHUSD on TradingView.com The first
major resistance is near the $3,600. A clear break and close above
the $3,600 level could push the price further higher. The next
major resistance sits near $3,720. Any more gains could set the
pace for a move towards the $3,800 level. Dips Limited in ETH? If
ethereum fails to continue higher above the $3,580 and $3,600
resistance levels, it could start a downside correction. An initial
support on the downside is near the $3,520 level. The next major
support seems to be forming near the $3,500 level and the trend
line. The trend line is close to the 50% Fib retracement level of
the recent wave from the $3,361 swing low to $3,620 high. Any more
downsides might call for a test of the $3,450 support zone.
Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly
losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD
is still above the 50 level. Major Support Level – $3,500 Major
Resistance Level – $3,600
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