ETHEREUM GEARING FOR ANOTHER LIFTOFF TO $3‚500 RALLY ISN′T OVER YET

Updated: 02/10/2022 04:46
Hyip Monitor
ethereum gearing for another lift off to 3500 rally isnt over yet
Ethereum climbed to a new weekly high above $3250 against the US Dollar ETH price is correcting gains but it might find support near $3150 ...
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Ethereum climbed to a new weekly high above $3,250 against the US Dollar. ETH price is correcting gains, but it might find support near $3,150.

Ethereum started a downside correction after it spiked above the $3,250 level.
The price is still trading above $3,150 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above $3,150 and $3,100 to start another increase in the near term.

Ethereum Price Eyes More Upsides


Ethereum remained strong and extended increase above the $3,200 level. ETH even climbed above the $3,250 level and settled well above the 100 hourly simple moving average.

A high was formed near the $3,272 and the price is now correcting gains. It is trading below the $3,200 support level. Ether corrected lower below the 23.6% Fib retracement level of the recent increase from the $3,028 swing low to $3,272 high.

However, the price is still trading above $3,150 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $3,150 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $3,220 level. The first major resistance is near the $3,220 level. A successful close above $3,250 might start another increase. In the stated case, the price could surpass the $3,280 and $3,300 levels. The next major stop for the bulls may possibly be near the $3,400 level.

Dips Limited in ETH?


If ethereum fails to continue higher above $3,220 or $3,250, it could start a downside correction. An initial support on the downside is near the $3,150 level and the trend line zone.

The trend line is also near the 50% Fib retracement level of the recent increase from the $3,028 swing low to $3,272 high. A downside break below the trend line support might push the price towards the 100 hourly SMA. The next major support is near the $3,050 level, below which there is a risk of a larger decline.

Technical Indicators:

Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is just below the 50 level.
Major Support Level – $3,150
Major Resistance Level – $3,250


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