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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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TA: Why Ethereum (ETH) Remains Attractive On Dips Towards $2,400

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

Ethereum remained well bid above the $2,500 zone against the US Dollar. ETH price must stay above $2,400 for upside continuation in the near term.

  • Ethereum struggled to clear the $2,650 resistance and corrected lower.
  • The price is still trading above $2,500 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to start a fresh increase unless there is a clear break below $2,400 in the near term.

Ethereum Price is Holding Key Support

Ethereum started a fresh increase above the $2,600 level, outpacing bitcoin. ETH price even broke the $2,650 resistance, but there was no real bullish momentum.

A high was formed near $2,666 before the price corrected lower. It broke the $2,600 support level, but it is still well above $2,500 and the 100 hourly simple moving average. There was a break below the 50% Fib retracement level of the upward move from the $2,510 swing low to $2,666 high.

The price is now testing the $2,550 support zone. It is near the 76.4% Fib retracement level of the upward move from the $2,510 swing low to $2,666 high. There is also a crucial bullish trend line forming with support near $2,460 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the first key resistance is near the $2,600 level. The main resistance is now forming near the $2,650 level. A clear break and close above $2,650 might start another steady increase. In the stated case, the price could revisit the $2,700 level.

More Losses in ETH?

If ethereum fails to continue higher above $2,620, it could extend its decline. An immediate support on the downside is near the $2,520 level.

The next major support is near the $2,510 level and the 100 hourly simple moving average. The main support is now forming near the trend line and $2,450. A clear downside break below the $2,450 support zone could lead the price towards the $2,350 support.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now close to the 40 level.

Major Support Level – $2,450

Major Resistance Level – $2,650

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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