Prediction/Analysis

Why Ethereum (ETH) Bulls Maintain Pushing, Why The Rally Is not Over But

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Ethereum is holding positive factors above the $ 3,200 resistance zone towards the US greenback. The worth of ETH stays enticing and should proceed to rise in the direction of the resistance of $ 3,350.

  • Ethereum is buying and selling effectively above the $ 3,100 and $ 3,150 help ranges.
  • The worth is now buying and selling above $ 3,200 and the 100 hour easy shifting common.
  • A key bullish trendline is forming with help close to $ 3,110 on the hourly ETH / USD chart (knowledge feed through Kraken).
  • The pair is consolidating and is predicted to broaden positive factors above the $ 3,250 degree.

Ethereum Value Might Lengthen Good points

Ethereum has climbed steadily above the $ 3,150 resistance zone. The worth of ETH even broke by means of the resistance zone of $ 3,200 and settled effectively above the 100-hour easy shifting common.

A brand new multi-week excessive has shaped close to $ 3,278 and value is now correcting positive factors. It fell under the help degree of $ 3,240. There was a break under the 23.6% Fib retracement degree of the current wave from a low of $ 3,052 to a excessive of $ 3,278.

Nonetheless, the worth of Ether has remained effectively above the $ 3,150 help. It additionally discovered help close to the current wave’s 50% Fib retracement degree, shifting from a low of $ 3,052 to a excessive of $ 3,278.

A key uptrend line can also be forming with help close to $ 3,110 on the ETH / USD hourly chart. On the upside, speedy resistance is close to the $ 3,250 degree. The following key resistance is close to the $ 3,275 degree.

Supply: ETHUSD on TradingView.com

A transparent breakout and shut above the resistance ranges of $ 3,250 and $ 3,275 might set off an additional increased. The following key resistance could possibly be close to the $ 3,350 degree, above which the worth might rise in the direction of the $ 3,500 resistance space.

Dips restricted in ETH?

If Ethereum fails to proceed above the resistance ranges of $ 3,250 and $ 3,275, it might provoke a downward correction. Quick draw back help is close to the $ 3,180 degree.

The primary key help is close to the $ 3,165 degree. Main help is now forming close to $ 3,110, trendline and 100 hour SMA. A downward breakout under trendline help might push the worth in the direction of the $ 3,060 help. Any additional loss might drive the worth in the direction of the $ 3,000 help space.

Technical indicators

Hourly MACDThe MACD for ETH / USD is about to enter the bullish zone.

Hourly RSIThe RSI for ETH / USD continues to be above the 50 degree.

Main help degree – $ 3,100

Main Resistance Degree – $ 3,275

Supply

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