TA: Ethereum Gearing For Another Lift-Off If It Clears This Level

News BTC

Ethereum extended its decline below $4,100 and spiked below $4,000 against the US Dollar. ETH is recovering, but it must break $4,175 before there was a fresh increase.

  • Ethereum corrected lower below the $4,200 and $4,175 support levels.
  • The price is now trading above $4,050 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $4,200 and $4,175 support levels.

Ethereum Price Could Rally

Ethereum started a downside correction from the $4,000 resistance zone. ETH traded below the $4,200 support zone and the 100 hourly simple moving average.

How To Get Free Crypto  

Ether price even traded below the $4,000 support zone. A low was formed near $3,964 before there was a recovery wave. There was a break above the $4,050 level and the 100 hourly simple moving average.

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

The price climbed above $4,100, but it is facing resistance near the $4,175 and $4,200 levels. A high is formed near $4,155 and the price is now consolidating. An immediate support is near the $4,100 level. The stated level is near the 23.6% Fib retracement level of the upward move from the $3,964 swing low to $4,155 high.

Source: ETHUSD on TradingView.com

There is also a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,175 level. The next major resistance is near the $4,200 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,250 level. Any more gains could lead the price towards the $4,320 level.

Get 110 USDT Futures Bonus for FREE!

Dips Supported in ETH?

If ethereum fails to continue higher above the $4,175 and $4,200 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,080 level.

Coinbase Banner  

The first key support is now forming near the $4,050 level. It is close to the 50% Fib retracement level of the upward move from the $3,964 swing low to $4,155 high. The main support is near the $4,000 level. Any more downsides could lead the price towards the $3,920 support.

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 – $4,200

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.