June 22, 2021

TA: Ethereum Sets New ATH, Why Dips Remain Attractive In Near-Term

2 min read

Ethereum extended its rally and it traded to a brand-new all-time high near $3,550 versus the US Dollar. ETH price is remedying gains, but it is likely to stay well bid near $3,400.

  • Ethereum extended its rally above $3,500 and it traded to a brand-new all-time high near $3,550.
  • The cost is now trading well above $3,400 and the 100 per hour easy moving average.
  • There is a major bullish trend line forming with support near $3,390 on the per hour chart of ETH/USD (data feed via Kraken).
  • The pair is remedying lower, but the bulls are likely to remain active near $3,400.

Ethereum Price Gains Traction

Ethereum formed a new support base above the $3,250 and began a fresh increase. ETH outpaced bitcoin and it broke the $3,400 resistance to begin a fresh rally.

It even climbed up above the $3,500 level and traded to a new all-time high near $3,550. It is now trading well above $3,400 and the 100 hourly basic moving average. Recently, there was a disadvantage correction from the $3,551 high and the cost traded listed below $3,500.

Ether traded listed below the 23.6% Fib retracement level of the current wave from the $3,289 swing low to $3,551 high. On the drawback, the first major assistance is near the $3,420 level.

Ethereum Price

 Source: ETHUSD on TradingView.com The 50%Fib retracement level of the current wave from the $3,289 swing low to $3,551 high is likewise near the$3,420 level. The main support is now forming near the $3,400 level. There is also a significant bullish pattern line forming with support near$3,390 on the hourly chart of ETH/USD. Anymore losses might require a drop towards the $3,250 support zone in the near term. More Upsides in ETH? If Ethereum stays steady above the$3,400

zone, it could start a fresh increase. An instant resistance on the benefit is near the $3,500 level. An effective close above the$3,500 level might lead ether price towards the $3,550 level.

The next crucial resistance is near $3,620, above which the bulls might aim a test of the$3,750 level in the coming days. Technical Indicators Hourly MACD-- The MACD for ETH/USD is gradually losing momentum in the bullish zone.

Per hour RSI-- The RSI for ETH/USD is remedying lower and it – is approaching the 50 level. Significant Support Level--$3,400 Significant Resistance Level--$

3,550