TA: Ethereum Breaking This Barrier Could Spark a Significant Surge
October 19 2021 - 1:08AM
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Ethereum remained supported above the $3,650 zone against the US
Dollar. ETH must clear the $3,850 and $3,900 resistance levels to
continue higher in the near term. Ethereum started a fresh increase
above the $3,700 and $3,750 resistance levels. The price is now
trading above $3,800 and the 100 hourly simple moving average.
There is a major contracting triangle forming with resistance near
$3,840 on the hourly chart of ETH/USD (data feed via Kraken). The
pair could start a fresh rally if it clears the key $3,920
resistance zone. Ethereum Price Remains Supported Ethereum started
a downside correction after it failed to stay above the $3,900
zone. ETH declined below the $3,800 support zone and the 100 hourly
simple moving average. The price even spiked below the $3,750
support zone. A low was formed near $3,678 and the price is now
rising. It broke the $3,780 resistance zone. There was a break
above the 50% Fib retracement level of the recent drop from the
$3,893 swing high to $3,678 low. Ether is now trading above $3,800
and the 100 hourly simple moving average. The price is now testing
the 61.8% Fib retracement level of the recent drop from the $3,893
swing high to $3,678 low. There is also a major contracting
triangle forming with resistance near $3,840 on the hourly chart of
ETH/USD. Source: ETHUSD on TradingView.com An immediate resistance
on the upside is near the $3,840 level. The next major resistance
is near the $3,920 level, above which the price might start a fresh
rally. In the stated case, the price could attempt a clear break
above the $4,000 resistance zone. The next major support sits near
the $4,120 level. Dips Limited in ETH? If ethereum fails to
continue higher above the $3,840 and $3,920 resistance levels, it
could start a fresh downside correction. An initial support on the
downside is near the $3,780 level and the 100 hourly SMA. The first
key support is now forming near the $3,720 level and the triangle
lower trend line. If there is a downside break below the $3,720
support, the price could decline further. The next key support is
near $3,650. 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 – $3,720
Major Resistance Level – $3,920
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