TA: Ethereum Gearing For Another Lift-Off to $3,500: Recovery Isn’t Over Yet
January 14 2022 - 12:28AM
NEWSBTC
Ethereum started a downside correction from $3,400 against the US
Dollar. ETH price is holding the $3,250 support and eyes a fresh
increase above the $3,320 resistance. Ethereum started a downside
correction from the $3,400 resistance zone. The price is trading
above $3,250 and the 100 hourly simple moving average. There was a
break below a major bullish trend line with support near $3,300 on
the hourly chart of ETH/USD (data feed via Kraken). The pair could
start a fresh increase if it stays above the $3,250 support zone.
Ethereum Price Corrects Lower Ethereum started a strong increase
above the $3,320 resistance zone. ETH even broke the $3,400
resistance zone and the 100 hourly simple moving average, but there
was no momentum. A high was formed near $3,412 and the price is now
correcting gains. Ether price declined below the $3,320 support.
There was a break below the 23.6% Fib retracement level of the key
increase from the $2,931 swing low to $3,412 high. Besides, there
was a break below a major bullish trend line with support near
$3,300 on the hourly chart of ETH/USD. It is now trading above
$3,250 and the 100 hourly simple moving average. Source: ETHUSD on
TradingView.com On the upside, an immediate resistance is near the
$3,300 level. The first major resistance is near the $3,320 level.
A clear move above the $3,320 level might start another increase in
the near term. The next major resistance is near the $3,400 level,
above which ether price could test $3,480. Any more gains could
send the price towards the $3,550 level in the near term. Dips
Limited in ETH? If ethereum fails to start a fresh increase above
the $3,320 level, it could continue to move down. An initial
support on the downside is near the $3,250 level. The first key
support is now forming near the $3,175 level. It is near the 50%
Fib retracement level of the key increase from the $2,931 swing low
to $3,412 high. A downside break below the $3,175 level might push
the price towards the $3,115 zone. Any more losses could lead the
price towards $3,000. Technical Indicators Hourly MACD – The MACD
for ETH/USD is slowly losing pace in the bearish zone. Hourly RSI –
The RSI for ETH/USD is above the 50 level. Major Support Level –
$3,250 Major Resistance Level – $3,320
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