TA: Ethereum Stages Major Rally, Why ETH Could Revisit $4K
02 September 2021 - 7:08AM
NEWSBTC
Ethereum started a strong rally and it cleared $3,500 against the
US Dollar. ETH price even climbed above $3,800 and it could rise
further towards $4,000 in the next few days. Ethereum started a
major increase above the $3,500 and $3,650 resistance levels. The
price is now trading above $3,700 and the 100 hourly simple moving
average. There is a key bullish trend line forming with support
near $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could dip in the short-term, but it might find bids near
$3,680 or $3,620. Ethereum Price Extends Rally Ethereum remains in
a strong uptrend above the $3,500 pivot level. ETH gained pace and
it was able to surpass the $3,650 resistance level. The price even
surpassed $3,750 and settled well above the 100 hourly simple
moving average. Finally, there was a break above $3,800 and the
price tested the $3,840 zone. A high is formed near $3,843 and the
price is now correcting lower. It traded below the $3,800 level.
There was a break below the 23.6% Fib retracement level of the
upward move from the $3,520 swing low to $3,843 high. Ether price
is now consolidating near the $3,750 level. It is also trading well
above $3,700 and the 100 hourly simple moving average. Source:
ETHUSD on TradingView.com There is also a key bullish trend line
forming with support near $3,600 on the hourly chart of ETH/USD. An
immediate resistance on the upside is near the $3,800 level. The
first major resistance is near the $3,850 level. If there is a
clear break above the $3,850 level, the price could accelerate
higher towards the $3,900 level. The next main resistance is near
the $4,000 level. Dips Limited in ETH? If ethereum fails to
continue higher above the $3,800 and $3,850 resistance levels, it
could start a downside correction. An immediate support on the
downside is near the $3,700 level. The next major support is now
forming near the $3,680 zone. It is close to the 50% Fib
retracement level of the upward move from the $3,520 swing low to
$3,843 high. A downside break below the $3,680 zone could lead the
price towards the trend line support at $3,600. Technical
Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace
in the bullish zone. Hourly RSI – The RSI for ETH/USD is correcting
lower from well above the 70 level. Major Support Level – $3,680
Major Resistance Level – $3,850
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