TA: Ethereum Reverse Losses, What Could Spark Rally To $3,500

Aayush Jindal

1 year ago

2 mins read

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Ethereum remained well bid above the $2,950 support against the US Dollar. ETH price started a fresh increase and it could even surpass the $3,300 resistance.

Ethereum started a fresh increase above the $3,120 and $3,200 resistance levels.
The price is now trading above $3,150 and the 100 hourly simple moving average.
There was a break above a crucial bearish trend line with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate higher if there is a clear break above $3,260.

Ethereum Price Turns Green

Ethereum remained well bid above the $2,950 support zone, similar to bitcoin near $44,000. ETH price formed a base above $2,950 and it started a fresh increase.

There was a clear break above the $3,000 and $3,050 resistance levels. The price rallied above the 50% Fib retracement level of the main decline from the $3,335 swing high to $2,950 low. Ether even settled above the $3,150 level and the 100 hourly simple moving average.

Besides, there was a break above a crucial bearish trend line with resistance near $3,150 on the hourly chart of ETH/USD. The pair is now trading above the $3,200 resistance.

Source: ETHUSD on TradingView.com

On the upside, an initial resistance is near the $3,245 level. It is near the 76.4% Fib retracement level of the main decline from the $3,335 swing high to $2,950 low. The first key resistance is now forming near the $3,260 level. A break above the $3,260 zone could lift the price towards the $3,330 resistance. Any more gains may possibly call for a move towards the $3,500 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,245 and $3,260 resistance levels, it could start a fresh downside correction. An immediate support on the downside is near the $3,165 level.

The key support is now forming near the $3,150 zone and the 100 hourly simple moving average. A downside break below the $3,150 support zone could initiate a larger decline. The next major support could be $3,120, below which the bears might aim a retest of $3,000 in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 60 level.

Major Support Level – $3,150

Major Resistance Level – $3,330

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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