Ethereum
Can ETH Resume Its Rise? — TradingView News
Ethereum price has started a downside correction from the $3,520 area. ETH is stable above $3,420 and could attempt a fresh rise in the short term.
- Ethereum started a downside correction after failing to break above the $3,520 area.
- The price is trading above $3,420 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance near $3,470 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to break the $3,470 and $3,520 resistance levels to continue higher.
Ethereum price corrects lower
Ethereum price started a decent rise above the $3,420 level. ETH even broke the $3,450 level to enter a short-term positive zone like Bitcoin.
The price even broke the $3,500 resistance zone. A high was formed at $3,516 and the price recently started a downside correction. There was a move below the $3,480 and $3,470 levels. The price declined below the 23.6% Fibonacci retracement level of the upward move from the $3,350 low to $3,516 high.
However, the bulls seem to be active near the $3,420 support area. They are protecting the 50% Fibonacci retracement level of the upward move from the $3,350 low to $3,516 high.
Ethereum is trading above $3,420 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $3,470 level. There is also a bearish trend line forming with resistance near $3,470 on the hourly chart of ETH/USD.
BTCNews
The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. A close above the $3,520 level could send Ether towards the $3,550 resistance. The next key resistance is near $3,650. An upside break above the $3,650 resistance could push the price higher. Any further gains could send Ether towards the $3,720 resistance zone.
Are dips supported in ETH?
If Ethereum fails to break the $3,470 resistance, it could continue lower. The initial support on the downside is near $3,435. The first major support is near the $3,420 area.
A clear move below the $3,420 support could push the price towards $3,350. Any further losses could push the price back towards the $3,320 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,420
Major Resistance Level – $3,470