TA: Ethereum Show Positive Signs, Why ETH Could Outperform Bitcoin
24 November 2021 - 6:08AM
NEWSBTC
Ethereum remained stable above $4,050 against the US Dollar. ETH
could gain bullish momentum once it clears the $4,325 and $4,350
resistance levels. Ethereum is showing a few positive signs above
the $4,200 level. The price is now trading above $4,200 and the 100
hourly simple moving average. There was a break above a major
bearish trend line with resistance near $4,205 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could extend gains if
there is a clear break above the $4,350 resistance zone. Ethereum
Price Is Recovering Ethereum remained strong above the $4,050
support level, unlike bitcoin. ETH price formed a base and started
a steady recovery wave above the $4,120 resistance zone. There was
a clear break above the $4,200 resistance zone and the 100 hourly
simple moving average. Besides, there was a break above a major
bearish trend line with resistance near $4,205 on the hourly chart
of ETH/USD. The pair climbed higher above the $4,300 resistance
zone and formed a high near $4,386. It is now correcting gains
below the $4,300 level. There was a break below the 23.6% Fib
retracement level of the upward move from the $4,026 swing low to
$4,386 high. Source: ETHUSD on TradingView.com Ether price is now
trading above $4,200 and the 100 hourly simple moving average. An
initial resistance on the upside is near the $4,300 level. The
first major resistance is near the $4,350 level. A close above the
$4,300 and $4,350 levels could start a fresh increase in the near
term. In the stated case, the price might rise towards the $4,450
level. Any more gains could lift the price towards the $4,500
barrier in the near term. Fresh Drop in ETH? If ethereum fails to
start a fresh increase above the $4,350 level, it could start a
fresh decline. An initial support on the downside is near the
$4,220 level. There is also a connecting bullish trend line near
$4,220 on the same chart. The first key support is now forming near
the $4,200 level. It is close to the 50% Fib retracement level of
the upward move from the $4,026 swing low to $4,386 high. A
downside break below the $4,200 support might push the price
further lower. 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 near the 50 level. Major Support Level – $4,200
Major Resistance Level – $4,350
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