TA: Ethereum Rallies Above $4K, Why Rally Isn’t Over Yet
21 Ottobre 2021 - 7:08AM
NEWSBTC
Ethereum followed bitcoin and rallied above the $4,000 resistance
against the US Dollar. ETH is correcting gains, but the bulls could
remain active near $4,000. Ethereum started a fresh increase above
the $3,880 and $4,000 resistance levels. The price is now trading
above $4,000 and the 100 hourly simple moving average. There was a
break above a major bearish trend line with resistance near $3,810
on the hourly chart of ETH/USD (data feed via Kraken). The pair is
correcting gains, but there are many supports near $4,050 and
$4,000. Ethereum Price Rally Could Extend Ethereum started a fresh
increase above the $3,880 resistance zone. ETH gained pace after it
broke the $3,900 resistance zone and the 100 hourly simple moving
average. There was also a break above a major bearish trend line
with resistance near $3,810 on the hourly chart of ETH/USD. The
pair cleared the $4,000 barrier to move further into a positive
zone. It even spiked above $4,200 and formed a high near $4,240.
Ether price is now correcting lower and trading below $4,200. It is
trading below $4,200, with an immediate support at $4,100. The
stated level is near the 23.6% Fib retracement level of the recent
wave from the $3,740 swing low to $4,240 high. Source: ETHUSD on
TradingView.com An immediate resistance on the upside is near the
$4,200 level. The next major resistance is near the $4,240 level,
above which the price might start a fresh rally. In the stated
case, the price might rise towards the $4,320 level. The next major
stop for the bulls may possibly be near the $4,400 level. Dips
Limited in ETH? If ethereum fails to continue higher above the
$4,200 and $4,220 resistance levels, it could start a fresh
downside correction. An initial support on the downside is near the
$4,100 level. The first key support is now forming near the $4,000
level. It is close to the 50% Fib retracement level of the recent
wave from the $3,740 swing low to $4,240 high. Any more downsides
could lead the price towards the $3,920 support and the 100 hourly
SMA. The next key support is near $3,800. Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish
zone. Hourly RSI – The RSI for ETH/USD is now above the 60 level.
Major Support Level – $4,000 Major Resistance Level – $4,240
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