TA: Ethereum Gearing For Another Lift-Off If It Clears This Level
October 25 2021 - 02:32AM
NEWSBTC
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. 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.
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. 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. 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
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