August 5, 2021

TA: Ethereum Gearing For Another Lift-Off, Why Rally Isn’t Over Yet

2 min read

Ethereum started a fresh increase above the $2,300 resistance versus the United States Dollar. ETH price is most likely to accelerate greater above the $2,400 and $2,500 resistance levels.

  • Ethereum is revealing a lot of favorable signs above the $2,250 pivot zone.
  • The price is now trading above $2,300 and the 100 per hour simple moving average.
  • There was a break above a major contracting triangle with resistance near $2,330 on the hourly chart of ETH/USD (data feed by means of Kraken).
  • The pair seems to be aiming a larger boost above the $2,400 resistance zone in the near term.

Ethereum Price Eyes Fresh Increase

After a minor downside correction, ethereum discovered support near the $2,150 zone. ETH recuperated losses and it later on formed a decent support base above the $2,200 zone.

It began a fresh boost above the $2,250 resistance level. There was a clear break above the 76.4% Fib retracement level of the key decrease from the $2,388 high to $2,158 low. There was also a break above a major contracting triangle with resistance near $2,330 on the hourly chart of ETH/USD.

Ether is now trading above $2,300 and the 100 hourly easy moving average. It is approaching the last swing high near the $2,388 zone. The very first significant resistance is near the $2,400 level.

Ethereum Price

 Source: ETHUSD on TradingView.com A close above

the $2,400 level could start a major increase. The next key resistance might be $2,442. It is near the 1.236 Fib extension level of the key decrease from the $2,388 high to $2,158 low. Any more gains could lead the cost towards the $2,500 level. In the mentioned case, bitcoin rate might likewise rally above $35,000.

Dips Supported in ETH?

If Ethereum fails to exceed the $2,400 resistance zone, it could start a disadvantage correction. An immediate support on the downside is near the $2,330 level and the damaged triangle zone.

The very first major support is near the $2,300 level. Any more losses may call for a move towards the $2,250 assistance zone and the 100 per hour SMA. The next major support sits near the $2,200 level, listed below which there is a risk of a larger decrease.

Technical Indicators

Hourly MACD— The MACD for ETH/USD is now acquiring pace in the bullish zone.

Per hour RSI— The RSI for ETH/USD is currently well above the 50 level.

Significant Support Level –– $2,300

Major Resistance Level –– $2,400