Bitcoin
A$ 82,448
WINkLink
A$ 0.0008268
Ethereum
A$ 5,567.3

TA: Ethereum Consolidates Gains, Here’s What Could Spark A Fresh Rally

Ethereum is struggling to clear the $2,200 resistance zone against the US Dollar. ETH price is now consolidating and it is likely to start a strong rally above $2,200.

  • Ethereum is trading in a positive zone above the $2,100 and $2,080 support levels.
  • The price is now trading well above $2,100 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $2,125 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains well bid and it is likely to start a fresh rally above the $2,200 resistance.

Ethereum Price Is Holding Gains

Ethereum remained well offered near the $2,200 resistance zone. Recently, ETH failed to clear the $2,200 resistance, formed a high near $2,200, and corrected lower.

There was a drop below the $2,150 support level, but the price was well supported near the $2,100 level. A low was formed near $2,102 and the price is now moving higher. There was a break above the 50% Fib retracement level of the recent decline from the $2,200 high to $2,102 low.

Ether is now trading well above $2,100 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,125 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, an immediate resistance is near the $2,175 level. It is near the 76.4% Fib retracement level of the recent decline from the $2,200 high to $2,102 low. The main hurdle is still near $2,200, above which the price is likely to start a strong rally. In the stated case, ether might jump 8%-10%.

Dips Limited in ETH?

If Ethereum fails to clear the $2,200 resistance, it could correct lower. The first major support is now forming near the $2,125 level, the 100 hourly SMA, and the trend line.

The main support is now near the $2,100 level. A clear downside break below the trend line support and the $2,100 zone could lead the price towards the $2,000 support level in the coming sessions. Any more losses will most likely call for a test of $1,940.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

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

Major Support Level – $2,100

Major Resistance Level – $2,200

Related Posts

Leave a Reply

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Donate To Cryptonic Australia


Donate BTC: 1MPYuHUKm3AhNivMSngqLnoEbpNEecHeEK
Donate Doge: DDYybw7H8zx8EYU74JrGW8WwmYh9AGuyMC
Donate WinK: TDiXutqKE3P17LpZMQh3SDBCGSkAC6iEjB




How can I build an iOS wallet app for altcoin?
October 24, 2021
Avalanche (AVAX) Founder: Stablecoin Adoption Will Mark The Success of the Crypto Trade
October 24, 2021
What number of characters of an handle do I truly must confirm?
October 23, 2021




How can I build an iOS wallet app for altcoin?
October 24, 2021
Avalanche (AVAX) Founder: Stablecoin Adoption Will Mark The Success of the Crypto Trade
October 24, 2021
What number of characters of an handle do I truly must confirm?
October 23, 2021


CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin82,448 0.38 % 0.24 % 0.60 %
Ethereum5,567.3 0.12 % 2.93 % 7.80 %
Binance Coin652.08 0.42 % 0.90 % 4.03 %
Tether1.350 0.10 % 0.24 % 0.22 %
Cardano2.900 0.10 % 0.13 % 0.96 %
Solana264.34 0.05 % 2.87 % 24.65 %
XRP1.470 0.51 % 0.18 % 3.82 %
Polkadot58.86 0.23 % 1.41 % 4.68 %
Dogecoin0.3364 0.55 % 1.73 % 5.26 %
USD Coin1.350 0.35 % 0.31 % 0.31 %

Recent Comments

Allison wick

I was a victim of WDC Markets investment scam some months ago myself. It was...

Greatness

he is the best when it comes to recovery, he helped recover my funds without...

URL

... [Trackback] [...] There you will find 63491 more Infos: cryptonic.com.au/evaluation-suggests-bitcoin-robust-palms-are-shopping-for-this-dip/ [...]