Ethereum

Strong support hints at exciting upside potential

Published

6 months ago

on

Ethereum price extended its decline and tested the $3,700 support. ETH is now consolidating and eyeing a further increase above $3,840.

  • Ethereum extended its decline and tested the $3,700 zone.
  • The price is trading near $3,800 and the 100 hourly simple moving average.
  • A key bullish trendline is forming with support near $3,760 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could begin a further rise unless there is a close below the $3,700 support.

Ethereum price maintains support

Ethereum price struggled to initiate further upside and fell below the $3,750 support zone as Bitcoin. ETH even traded below the $3,720 support zone. However, the bulls were active near the $3,700 support zone.

A low was formed at $3,702 and the price recently started an upward trend. recovery wave. There was a move above the $3,750 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,957 high to $3,702 low.

Ethereum price is now trading near $3,800 and the 100 hourly simple moving average. There is also a key bullish trendline forming with support near $3,760 on the ETH/USD hourly chart.

If there is a further increase, ETH could face resistance near the $3,830 level. The first major resistance is near the $3,880 level or the 76.4% Fibonacci retracement level of the downward move from the $3,957 high to $3,702 low.

An upside break above the $3,880 resistance could send the price higher. The next key resistance lies at $3,950, above which the price could gain ground and reach the $4,000 level.

Source: ETHUSD on TradingView.com

If the bulls push Ether above the $4,000 level, the price could rise and test the $4,080 resistance. Any further gains could send Ether towards the $4,220 resistance zone.

Another drop in ETH?

If Ethereum fails to clear the $3,830 resistance, it could begin a further decline. Initial downside support is near the $3,750 level and the trendline.

The next major support lies near the $3,720 area. A sharp move below the $3,720 support could push the price towards $3,660. Any further losses could push the price towards the $3,550 level in the near term.

Technical indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,720

Major Resistance Level – $3,880

Source

Related Topics:

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

Trending

Exit mobile version