TA: Ethereum Regains Strength, Why $3,200 Is The Key For More Upsides
September 27 2021 - 1:08AM
NEWSBTC
Ethereum started a steady increase above $3,000 against the US
Dollar. ETH price must clear the $3,200 to continue higher in the
near term. Ethereum started a strong increase from the $2,750
support zone. The price is now trading above $3,000 and near the
100 hourly simple moving average. There was a break a major
declining channel with resistance near $2,925 on the hourly chart
of ETH/USD (data feed via Kraken). The pair must surpass $3,175 and
$3,200 to continue higher in the near term. Ethereum Price Is
Gaining Momentum Ethereum found a strong support near $2,750 and
started a fresh increase, similar to bitcoin. ETH broke the $2,880
and $2,950 resistance levels to move into a positive zone. There
was also a break a major declining channel with resistance near
$2,925 on the hourly chart of ETH/USD. The pair settled above the
$3,000 zone and near the 100 hourly simple moving average. It
gained traction and climbed above the $3,100 level. Ether price is
now facing resistance near the $3,175 zone. It traded as high as
$3,165 and is currently correcting lower. An immediate support sits
near the $3,065 level. It is near the 23.6% Fib retracement level
of the upward move from the $2,740 swing low to $3,165 high.
Source: ETHUSD on TradingView.com On the upside, an immediate
resistance on the upside is near the $3,165 level. The first major
resistance is near the $3,175 level. The main breakout zone could
be near the $3,200 zone. A close above the $3,200 resistance could
push the price further higher. In the stated case, the price could
rise towards $3,320. Dips Supported in ETH? If ethereum fails to
continue higher above the $3,165 and $3,200 resistance levels, it
could start a downside correction. An initial support on the
downside is near the $3,065 level. The next major support seems to
be forming near the $3,000 level and the 100 hourly simple moving
average. Any more losses might call for a test of the 50% Fib
retracement level of the upward move from the $2,740 swing low to
$3,165 high at $2,950. If ether fails to stay above $2,950, it
could resume its decline in the near term. Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the
bullish zone. Hourly RSI – The RSI for ETH/USD is now well above
the 50 level. Major Support Level – $3,065 Major Resistance Level –
$3,175
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From May 2023 to May 2024