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Ethereum
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TA: Ethereum Breaks Key Hurdle, Why ETH Could Extend Its Increase

Aayush Jindal by Aayush Jindal
10 months ago
in ETH
Reading Time: 2 mins read
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Ethereum gained traction and broke the $3,400 resistance zone against the US Dollar. ETH price is showing positive signs and it could even surpass the $3,500 level.

  • Ethereum started a decent increase above the $3,350 and $3,400 resistance levels.
  • The price is now trading above $3,400 and the 100 hourly simple moving average.
  • There was a break above a crucial bearish trend line with resistance near $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now consolidating gains and it could even surpass the $3,500 level in the near term.

Ethereum Price is Eyeing More Gains

Ethereum formed a base above the $3,200 level and started a fresh increase. ETH was able to clear the $3,350 resistance level and the 100 hourly simple moving average.

There was also a break above a crucial bearish trend line with resistance near $3,360 on the hourly chart of ETH/USD. It opened the doors for a move above the main $3,400 resistance level. Ether extended its move above the $3,420 level and tested the $3,450 level.

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A high is formed near $3,450 and the price is now consolidating gains, similar to bitcoin. It is also trading well above the 23.6% Fib retracement level of the recent increase from the $3,115 swing low to $3,450 high.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $3,420 level. The first major resistance is near the $3,450. A clear break above the $3,450 level could push the price further higher. The next major resistance sits near $3,500. Any more gains could set the pace for a move towards the $3,650 level.

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Dips Supported in ETH?

If ethereum fails to continue higher above the $3,420 and $3,450 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,380 level.

The next major support seems to be forming near the $3,350 level. Any more downsides might call for a test of the 50% Fib retracement level of the recent increase from the $3,115 swing low to $3,450 high. The next stop for the bears might be near the $3,240 level.

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 now above the 50 level.

Major Support Level – $3,350

Major Resistance Level – $3,450

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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