Ethereum Could See “Liftoff” If It Is Able To Hold One Crucial Level
Ethereum is consolidating above the USD 3,320 support against the US dollar. The ETH price needs to reach $3,450 to start another surge in the near term.
Ethereum holds gains above the $3,320 support zone. The price is now trading above $3,320 and the 100 hourly simple moving average. A key contracting triangle is forming with resistance near $3,415 on the ETH/USD hourly chart (data feed via Kraken). The pair may see further gains if it clears the USD 3,435 and USD 3,450 resistance levels.
Ethereum price eyes more profit
Ethereum started a minor downward correction from the $3,480 zone. ETH declined below the $3,450 and $3,440 support levels. It even peaked below the $3,400 level, but the bulls were active near the $3,335 level.
A low was formed near $3,335 and the price is now rising. It surpassed the $3,400 resistance level. There was a move above the 50% Fib retracement level from the recent drop from the $3,482 high to $3,334 low. However, the price is facing resistance near the $3,420 level.
It faced sellers above the 61.8% Fib retracement level from its recent drop from the $3,482 high to $3,334 low. An important contracting triangle is also forming with resistance near $3,415 on the ETH/USD hourly chart.
Source: ETHUSD on TradingView.com
The next major resistance is near the $3,450 level. Ether price needs to clear the USD 3,450 resistance to start another wave. In the said case, the price could even exceed $3,500. The next big stop for the bulls at the upside could be USD 3,650.
Dips supported in ETH?
If ethereum fails to initiate a fresh rise above the USD 3,420 level, it could trigger another downside correction. An initial support on the downside is near the $3,360 zone.
The next major support is near the $3,350 level. The main support is near the $3,320 zone and a connecting bullish trendline. A downward breach below the $3,320 support zone and the 100 hourly simple moving average could put a lot of pressure on the bulls in the near term. In the mentioned case, the ether price could drop to $3,250.
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 – $3,320
Major Resistance Level – $3,450