TA: Ethereum Breaks Key Hurdle, Why ETH Could Extend Its Increase
September 15 2021 - 1:08AM
NEWSBTC
Ethereum gained traction and broke the $3,400 resistance zone
against the US Dollar. ETH price is showing positive signs and it
could even surpass the $3,500 level. Ethereum started a decent
increase above the $3,350 and $3,400 resistance levels. The price
is now trading above $3,400 and the 100 hourly simple moving
average. There was a break above a crucial bearish trend line with
resistance near $3,360 on the hourly chart of ETH/USD (data feed
via Kraken). The pair is now consolidating gains and it could even
surpass the $3,500 level in the near term. Ethereum Price is Eyeing
More Gains Ethereum formed a base above the $3,200 level and
started a fresh increase. ETH was able to clear the $3,350
resistance level and the 100 hourly simple moving average. There
was also a break above a crucial bearish trend line with resistance
near $3,360 on the hourly chart of ETH/USD. It opened the doors for
a move above the main $3,400 resistance level. Ether extended its
move above the $3,420 level and tested the $3,450 level. A high is
formed near $3,450 and the price is now consolidating gains,
similar to bitcoin. It is also trading well above the 23.6% Fib
retracement level of the recent increase from the $3,115 swing low
to $3,450 high. Source: ETHUSD on TradingView.com An immediate
resistance on the upside is near the $3,420 level. The first major
resistance is near the $3,450. A clear break above the $3,450 level
could push the price further higher. The next major resistance sits
near $3,500. Any more gains could set the pace for a move towards
the $3,650 level. Dips Supported in ETH? If ethereum fails to
continue higher above the $3,420 and $3,450 resistance levels, it
could start a downside correction. An initial support on the
downside is near the $3,380 level. The next major support seems to
be forming near the $3,350 level. Any more downsides might call for
a test of the 50% Fib retracement level of the recent increase from
the $3,115 swing low to $3,450 high. The next stop for the bears
might be near the $3,240 level. 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 above the 50 level. Major
Support Level – $3,350 Major Resistance Level – $3,450
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