TA: Ethereum Dips Turn Attractive, Key Indicators Point Fresh Increase

News BTC

Ethereum extended its increase above the $4,200 resistance against the US Dollar. ETH corrected gains, but it is well supported above the $4,000 pivot level.

  • Ethereum started a fresh increase above the $4,000 and $4,200 resistance levels.
  • The price is now trading above $4,100 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $4,050 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it stays above the $4,010 support zone.

Ethereum Price Eyes Fresh Increase

Ethereum gained pace above the $4,200 level and the 100 hourly simple moving average. ETH price traded as high as $4,371 before it started a downside correction.

How To Get Free Crypto  

The price is now trading below the $4,200 level. It even spiked below $4,100, but the bulls were active above the $4,000 level. A low is formed near $4,012 and the price is now rising. There was a break above the $4,050 and $4,100 resistance levels.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Ether price climbed above the 23.6% Fib retracement level of the recent decline from the $4,371 swing high to $4,012 low. An immediate resistance on the upside is near the $4,200 level.

The 50% Fib retracement level of the recent decline from the $4,371 swing high to $4,012 low is also near the $4,200 zone. The next major resistance is near the $4,240 level, above which the price might gain bullish momentum.

Get 110 USDT Futures Bonus for FREE!
Source: ETHUSD on TradingView.com

In the stated case, the price might rise towards the $4,300 level. Any more gains could lift the price towards the next key hurdle at $4,500.

Coinbase Banner  

Dips Limited in ETH?

If ethereum fails to continue higher above the $4,200 and $4,240 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,080 level.

The first key support is now forming near the $4,050 level and the trend line zone. A downside break below the trend line might even push the price below the $4,000 support. The next key support is near $3,950, below which the price might decline towards the $3,800 level in the near term.

Technical Indicators

Hourly MACD The MACD for ETH/USD is losing pace in the bullish zone.

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

Major Support Level – $4,000

Major Resistance Level – $4,240

Go to Source
Author: Aayush Jindal

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.