TA: Ethereum Lacking Bullish Momentum, Why ETH Holders Are Safe
September 24 2021 - 1:08AM
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Ethereum started a steady increase above $3,050 against the US
Dollar. ETH price could correct lower, but the bulls might remain
active near $3,000 and $2,950. Ethereum extended its increase above
the $3,100 and $3,150 levels. The price is now trading near $3,100
and near the 100 hourly simple moving average. There was a break
below a key bullish trend line with support near $3,150 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
correct lower towards $3,000 or even $2,950 in the near term.
Ethereum Price Is Losing Pace Ethereum started a steady increase
and settled above the $3,000 level. ETH even broke the $3,100 level
and settled above the 100 hourly simple moving average. It traded
as high as $3,173 and recently corrected lower. There was a break
below the $3,150 level. Besides, there was a break below a key
bullish trend line with support near $3,150 on the hourly chart of
ETH/USD. Ether is now trading near $3,100 and near the 100 hourly
simple moving average. It is still trading well above the 23.6% Fib
retracement level of the upward move from the $2,651 swing low to
$3,173 high. An immediate resistance on the upside is near the
$3,150 level. Source: ETHUSD on TradingView.com The first major
resistance is near the $3,180 level. The main breakout zone could
be near the $3,200 zone. A close above the $3,200 resistance could
start another steady increase. The next major resistance might be
near the $3,320 level. Any more gains may possibly open the doors
for a move towards the $3,500 level in the near term. Dips Limited
in ETH? If ethereum fails to continue higher above the $3,150 and
$3,200 resistance levels, it could start a downside correction. An
initial support on the downside is near the $3,050 level. The next
major support seems to be forming near the $2,950 level. Any more
losses might call for a test of the 50% Fib retracement level of
the upward move from the $2,651 swing low to $3,173 high at $2,912.
A downside break below the $2,900 support zone could put a lot of
pressure on the bulls. 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 close to the 50 level. Major Support
Level – $3,050 Major Resistance Level – $3,200
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