Buy/Sell Crypto

TA: Ethereum Follows Bitcoin, Why ETH Could Surge Towards $4K

Ethereum started a fresh increase from the $3,400 support zone against the US Dollar. ETH price could accelerate higher once there is a clear break above $3,650.

  • Ethereum started a fresh increase above the $3,500 and $3,550 resistance levels.
  • The price is now trading above $3,550 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if there is a clear break above $3,650 and $3,660.

Ethereum Price Gains Pace

Ethereum remained well supported above the $3,400 zone. ETH started a fresh increase above the $3,500 resistance zone and the 100 hourly simple moving average, similar to bitcoin.

There was also a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD. The pair is now trading above the $3,550 resistance zone. Ether price even surpassed the $3,600 resistance zone.

A high is formed near $3,656 and the price is now consolidating gains. It is well above the 23.6% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. The price is now showing positive signs above the $3,630. An immediate resistance on the upside is near the $3,650 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,660 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,750 level. Any more gains could set the pace for a move towards the $4,000 level in the near term.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,650 and $3,660 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,600 level.

The first key support is now forming near the $3,550 level. It is near the 50% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. If there is a downside break below the $3,550 and $3,535 support levels, the price could decline further. The next key support is near $3,450.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 60 level.

Major Support Level – $3,550

Major Resistance Level – $3,660

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest
Related Posts

Leave a Reply

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

Latest Posts

THE ONE AND ONLY WAY TO MAKE MONEY IN AUTOMATIC EASILY!

Receive the whole procedure to be able to follow our signals in less than 2 minutes.

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

To access the VIP channel for free and enjoy the benefits of this exclusive channel, just follow these 3 steps:

1. Open a real account with one of our partner brokers necessarily through these links.

⚠️ Select Standard account

2. Make a deposit of at least €500 (€1000/2000 recommended) or more depending on your capital.

Double bonus as a gift! 🎁

        • 1st deposit: 50% bonus offered!
        • 2nd deposit: 20% bonus offered!

*The bonus will of course be added automatically after your deposit. ✅

3. Once done, you can send us the Screenshot of your deposit to support@signaltrading.cryptalite.com to receive the link of the VIP channel 🚀

(If you already have an account with these different brokers, you need to use another ID with another name + email).

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.