TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong
31 August 2021 - 7:08AM
NEWSBTC
Ethereum failed to clear the $3,350 resistance and corrected lower
against the US Dollar. ETH price is still above the 100 hourly SMA
and it could rise again to $3,350. Ethereum seems to be facing a
strong resistance near $3,350 and $3,380. The price is now trading
above $3,200 and the 100 hourly simple moving average. There is a
crucial bullish trend line forming with support near $3,180 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
start a fresh increase as long as it is above the $3,150 support
zone. Ethereum Price Rally Fades Ethereum made another attempt to
gain strength above $3,300 and $3,320. However, ETH price failed to
continue higher above $3,350 and started a fresh decline, similar
to bitcoin. The price broke the $3,300 and $3,250 support levels.
Ether traded below the 50% Fib retracement level of the upward move
from the $3,142 swing low to $3,348 high. The price even spiked
below the $3,200 support and the 100 hourly simple moving average,
but the bulls were active. The price found support near the 61.8%
Fib retracement level of the upward move from the $3,142 swing low
to $3,348 high. There is also a crucial bullish trend line forming
with support near $3,180 on the hourly chart of ETH/USD. It is now
trading above $3,200 and the 100 hourly simple moving average. An
immediate resistance is near the $3,250 level. The first key
resistance is near the $3,285 level, above which the price could
accelerate higher. Source: ETHUSD on TradingView.com The main
resistance is now forming near the $3,350 level. A clear break
above the $3,350 resistance might open the doors for a steady
increase. In the stated case, ether may possibly rise towards the
$3,420 level. Downside Break in ETH? If ethereum fails to continue
higher above the $3,250 and $3,285 resistance levels, it could
extend its decline. An immediate support on the downside is near
the $3,200 level. The next major support is now forming near the
$3,150 zone. A downside break below the $3,150 support zone could
spark a sharp decline. In the stated scenario, ether price could
revisit the $3,065 support region. Technical Indicators Hourly MACD
– The MACD for ETH/USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now just below the 50 level.
Major Support Level – $3,150 Major Resistance Level – $3,285
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