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TA: Ethereum Holds Key Support, What Could Trigger Sharp Rally

Ethereum stayed above the $3,400 support zone against the US Dollar. ETH price must clear $3,540 to start a fresh rally in the near term.

Ethereum remained well supported above the $3,400 and $3,380 levels.
The price is now trading near $3,520 and the 100 hourly simple moving average.
There is a major declining channel forming with resistance near $3,520 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally if there is a clear break above $3,540 and $3,550.

Ethereum Price Could Turn Green

Ethereum started a fresh decline from the $3,600 resistance zone. ETH traded below the $3,500 support and the 100 hourly simple moving average. However, the bulls remained active near the $3,400 level.

A low was formed near $3,405 and the price is now rising. Ether price is now trading above the $3,450 level. There was a break above the 23.6% Fib retracement level of the downward move from the $3,620 swing high to $3,405 swing low.

It is now trading near $3,520 and the 100 hourly simple moving average. There is also a major declining channel forming with resistance near $3,520 on the hourly chart of ETH/USD.

The trend line is close to the 50% Fib retracement level of the downward move from the $3,620 swing high to $3,405 swing low. If there is a clear break above the channel resistance, the price could start a fresh increase above the $3,540 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,540 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,620 level.

Dips Supported in ETH?

If ethereum fails to continue higher above the $3,520 and $3,540 resistance levels, it could start a fresh decline. An initial support on the downside is near the $3,450 level.

The first key support is now forming near the $3,400 level. If there is a downside break below the $3,400 and $3,380 support levels, the price could decline further. The next key support is near $3,375. Any more losses could push ether price towards the $3,300 support zone.

Technical Indicators

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

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

Major Support Level – $3,520

Major Resistance Level – $3,450

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin83,258 1.36 % 0.07 % 8.03 %
Ethereum5,068.1 1.09 % 0.57 % 7.02 %
Binance Coin651.75 0.84 % 1.65 % 17.92 %
Tether1.340 0.27 % 0.16 % 0.27 %
Cardano2.830 0.94 % 1.17 % 2.65 %
XRP1.450 1.33 % 0.83 % 4.65 %
Solana209.13 0.93 % 1.38 % 7.85 %
Polkadot54.29 1.22 % 2.65 % 18.88 %
USD Coin1.340 0.10 % 0.11 % 0.24 %
Dogecoin0.3250 1.63 % 4.69 % 4.66 %

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