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Ethereum Rally

TA: Ethereum Corrects Lower, Why ETH Remains Supported For Fresh Rally

Aayush Jindal by Aayush Jindal
2 years ago
in ETH
Reading Time: 2 mins read

Ethereum traded to a new all-time high above $4,800 before correcting lower against the US Dollar. ETH could start a fresh rally unless there is a break below $4,650.

  • Ethereum started a downside correction below the $4,750 and $4,700 levels.
  • The price is now trading above $4,650 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $4,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if there is no break below $4,650.

Ethereum Price Eyes Fresh Increase

Ethereum extended rally above the $4,650 and $4,700 resistance levels. ETH gained pace above the $4,750 resistance zone and the 100 hourly simple moving average.

The price even climbed above $4,800 and traded to a new all-time high. It traded as high as $4,839 and is currently correcting gains. There was a break below the $4,750 support level. Besides, there was a break below a major bullish trend line with support near $4,800 on the hourly chart of ETH/USD.

It even traded below the 23.6% Fib retracement level of the upward move from the $4,346 swing low to $4,839 high. Ether price is now trading above $4,650 and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $4,720 level. The next major resistance is near the $4,750 level. A break above the $4,750 level may possibly spark a fresh rally. The next key resistance is near the $4,800 level. Any more gains could lead the price towards the $5,000 level in the near term.

Dips Supported in ETH?

If ethereum fails to climb above the $4,720 and $4,750 resistance levels, it could extend its downside correction. An initial support on the downside is near the $4,680 level and the 100 hourly SMA.

The first major support is also near the $4,600 level. It is close to the 50% Fib retracement level of the upward move from the $4,346 swing low to $4,839 high. Any more downsides could lead the price towards the $4,540 support. The next major support for the bulls is near the $4,460 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $4,650

Major Resistance Level – $4,750

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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