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TA: Ethereum Holds Key Support, What Could Trigger Sharp Rally
Ethereum stayed above the $3,400 support zone against the US Dollar. ETH price must clear $3,540 to start a fresh rally in the near term.
Ethereum remained well supported above the $3,400 and $3,380 levels.
The price is now trading near $3,520 and the 100 hourly simple moving average.
There is a major declining channel forming with resistance near $3,520 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally if there is a clear break above $3,540 and $3,550.
Ethereum Price Could Turn Green
Ethereum started a fresh decline from the $3,600 resistance zone. ETH traded below the $3,500 support and the 100 hourly simple moving average. However, the bulls remained active near the $3,400 level.
A low was formed near $3,405 and the price is now rising. Ether price is now trading above the $3,450 level. There was a break above the 23.6% Fib retracement level of the downward move from the $3,620 swing high to $3,405 swing low.
It is now trading near $3,520 and the 100 hourly simple moving average. There is also a major declining channel forming with resistance near $3,520 on the hourly chart of ETH/USD.
The trend line is close to the 50% Fib retracement level of the downward move from the $3,620 swing high to $3,405 swing low. If there is a clear break above the channel resistance, the price could start a fresh increase above the $3,540 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $3,540 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,620 level.
Dips Supported in ETH?
If ethereum fails to continue higher above the $3,520 and $3,540 resistance levels, it could start a fresh decline. An initial support on the downside is near the $3,450 level.
The first key support is now forming near the $3,400 level. If there is a downside break below the $3,400 and $3,380 support levels, the price could decline further. The next key support is near $3,375. Any more losses could push ether price towards the $3,300 support zone.
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,520
Major Resistance Level – $3,450
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