TA: Ethereum Dips Turn Attractive, Bulls Could Aim $3,500
January 13 2022 - 12:28AM
NEWSBTC
Ethereum gained pace above the $3,250 zone against the US Dollar.
ETH price is correcting gains from $3,400, but dips might be
limited in the near term. Ethereum started a strong increase above
the $3,250 resistance zone. The price is trading above $3,250 and
the 100 hourly simple moving average. There is a major bullish
trend line forming with support near $3,300 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could continue to rise if
there is a clear break above the $3,380 resistance zone. Ethereum
Price Gains Momentum Ethereum started a strong increase above the
$3,250 resistance zone. ETH even broke the $3,300 resistance zone
and the 100 hourly simple moving average to move further into a
positive zone. The bulls even pumped the price above the $3,350
level. Ether price spiked above the $3,400 level and a new weekly
high is formed near $3,412. It is now correcting gains and trading
below $3,360. There was a break below the 23.6% Fib retracement
level of the recent upward move from the $3,206 swing low to $3,412
high. Ether price is now trading above $3,250 and the 100 hourly
simple moving average. There is also a major bullish trend line
forming with support near $3,300 on the hourly chart of ETH/USD. On
the upside, an immediate resistance is near the $3,380 level.
Source: ETHUSD on TradingView.com A clear move above the $3,380
level might start another increase in the near term. The next major
resistance is near the $3,420 level, above which ether price could
test $3,500. 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 $3,380 level, it could start a
downside correction. An initial support on the downside is near the
$3,320 level. The first key support is now forming near the $3,300
level. It is near the 50% Fib retracement level of the recent
upward move from the $3,206 swing low to $3,412 high. A downside
break below the $3,300 level push the price towards the trend line
support. Any more losses could lead the price towards $3,200.
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 above the 50 level. Major Support Level – $3,300 Major
Resistance Level – $3,380
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