Bitcoin
A$ 83,848
WINkLink
A$ 0.0008596
Ethereum
A$ 5,100.1

TA: Ethereum Lacks Momentum But This Level Could Trigger Fresh Rally

Ethereum extended its rally towards the $3,650 level against the US Dollar. ETH price is correcting gains, but dips are likely to remain limited below $3,500.

Ethereum started a fresh increase above the $3,600 resistance level.
The price is now trading above $3,500 and the 100 hourly simple moving average.
There was a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase as long as it is above the $3,500 level.

Ethereum Price Remains Supported

Ethereum remained in a positive zone above the $3,500 resistance zone. ETH was able to climb above the $3,600 level and the 100 hourly simple moving average.

The price even spiked above the $3,600 level, but there was no upside continuation. Ether traded as high as $3,652 before it started a downside correction. There was a break below the $3,600 level. The price traded below the 23.6% Fib retracement level of the upward move from the $3,343 swing low to $3,652 high.

There was also a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD. The price is now consolidating near the $3,550 level. An immediate resistance on the upside is near the $3,580 level. The first major resistance is near the $3,600 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,650 level, above which the price might accelerate higher. In the stated case, the price may possibly rise towards the $3,700 level. The next key resistance could be $3,800. Any more gains could lead the price towards the $3,880 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,600 and $3,650 resistance levels, it could extend its decline. An initial support on the downside is near the $3,550 level.

The first key support is now forming near the $3,500 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $3,343 swing low to $3,652 high. Any more losses could lead ether price towards the $3,450 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

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

Major Support Level – $3,500

Major Resistance Level – $3,650

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




Crypto Market Analysis: October 18, 2021
October 19, 2021
ETF approval drives Bitcoin in the direction of all-time excessive at $65K – Crypto Weekly Roundup, October 18, 2021
October 19, 2021
Shrimps, Sharks, Whales and Other Fish in Crypto
October 19, 2021




Crypto Market Analysis: October 18, 2021
October 19, 2021
ETF approval drives Bitcoin in the direction of all-time excessive at $65K – Crypto Weekly Roundup, October 18, 2021
October 19, 2021
Shrimps, Sharks, Whales and Other Fish in Crypto
October 19, 2021


CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin83,848 0.14 % 0.55 % 8.89 %
Ethereum5,100.1 0.06 % 0.24 % 7.79 %
Binance Coin655.09 0.27 % 2.04 % 18.62 %
Tether1.350 0.13 % 0.07 % 0.17 %
Cardano2.850 0.04 % 0.68 % 2.11 %
XRP1.450 0.31 % 0.30 % 4.14 %
Solana209.64 0.21 % 0.93 % 8.20 %
Polkadot54.61 0.23 % 1.70 % 19.70 %
USD Coin1.340 0.45 % 0.18 % 0.16 %
Dogecoin0.3275 0.23 % 3.81 % 5.57 %

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/ [...]