TA: Ethereum Regains Strength, Why Bulls Could Aim $4,500
29 Noviembre 2021 - 3:28AM
NEWSBTC
Ethereum gained pace above the $4,250 resistance against the US
Dollar. ETH could accelerate higher if there is a clear break above
the $4,400 resistance zone. Ethereum is trading in a bullish zone
above the $4,250 level. The price is now well above $4,250 and the
100 hourly simple moving average. There was a break above a key
bearish trend line with resistance near $4,070 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could continue higher
if it stays above the $4,250 support level in the near term.
Ethereum Price Starts Recovery Ethereum extended its decline below
the $4,120 level. ETH tested the $4,000 support zone and recently
started a steady recovery wave. There was a break above the $4,120
and $4,150 resistance levels. The bulls pumped the price above the
50% Fib retracement level of the downward move from the $4,552
swing high to $3,920 low. Besides, there was a break above a key
bearish trend line with resistance near $4,070 on the hourly chart
of ETH/USD. Ether price is now well above $4,250 and the 100 hourly
simple moving average. An initial resistance on the upside is near
the $4,380 level. The first major resistance is near the $4,400
level. Source: ETHUSD on TradingView.com The 76.4% Fib retracement
level of the downward move from the $4,552 swing high to $3,920 low
is also near the $4,400 level. A close above the $4,380 and $4,400
levels could start a fresh increase in the near term. In the stated
case, the price might rise towards the $4,500 level. Any more gains
could lift the price towards the $4,550 zone in the near term. Dips
Limited in ETH? If ethereum fails to start a fresh increase above
the $4,400 level, it could extend its downside correction. An
initial support on the downside is near the $4,250 level. The first
key support is now forming near the $4,200 level and the 100 hourly
simple moving average. A downside break below the $4,200 support
zone could spark a sharp decline. In the stated case, the price is
likely to revisit the $4,000 support zone in the coming sessions.
Technical Indicators Hourly MACD – The MACD for ETH/USD is losing
pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now
correcting lower towards the 60 level. Major Support Level – $4,250
Major Resistance Level – $4,400
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