More

    Ethereum Corrects Rally, But 100 SMA Could Spark Fresh Increase

    Ethereum climbed further above the $2,500 level against the US Dollar. ETH price is correcting gains, but it is likely to remain stable near $2,350 and the 100 hourly SMA.

    Ethereum gained pace above $2,500 and it traded to a new all-time high near USD 2,548.
    The price is now trading well above $2,400 and the 100 hourly simple moving average.
    There is a key rising channel forming with support near $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair is likely to resume its rise as long as it is above the $2,350 support zone.

    Ethereum Price Is Correcting Gains
    Ethereum followed a bullish path above the $2,400 level and extended its gains. ETH even broke the $2,500 level and traded to a new all-time high at $2,488.
    Recently, there was a downside correction below the $2,500 level, similar to bitcoin. The bears were able to push the price below the $2,480 support level. The price even broke the 50% Fib retracement level of the upward wave from the $2,406 swing low to $2,548 high.
    The price is now approaching the $2,420 support level. It is testing the 76.4% Fib retracement level of the upward wave from the $2,406 swing low to $2,548 high.

    Source: ETHUSD on TradingView.com
    There is also a key rising channel forming with support near $2,420 on the hourly chart of ETH/USD. If there is a downside break below the channel support, the price could decline towards the $2,350 support. The 100 hourly simple moving average is also near the $2,350 level to provide support.
    Any more losses might call for a move towards the $2,300 level in the near term. The next major support is near the $2,200 level (the last major breakout zone).
    Fresh Increase in ETH?
    If Ethereum stays above the channel support, it could start a fresh increase above $2,450. An initial resistance on the upside is near the $2,500 level.
    A successful break above the $2,500 level could initiate a move towards the $2,550 level. Any more gains are likely to set the pace for a test of $2,600 or even $2,660 in the coming sessions.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
    Hourly RSI – The RSI for ETH/USD is now just below the 50 level.
    Major Support Level – $2,350
    Major Resistance Level – $2,500

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 39,727.00
    ethereum
    Ethereum (ETH) $ 2,656.52
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 335.12
    cardano
    Cardano (ADA) $ 1.33
    xrp
    XRP (XRP) $ 0.749111
    usd-coin
    USD Coin (USDC) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.204947
    polkadot
    Polkadot (DOT) $ 18.54
    binance-usd
    Binance USD (BUSD) $ 1.00
    uniswap
    Uniswap (UNI) $ 23.06
    chainlink
    Chainlink (LINK) $ 23.71
    bitcoin-cash
    Bitcoin Cash (BCH) $ 550.73
    litecoin
    Litecoin (LTC) $ 142.92
    solana
    Solana (SOL) $ 33.98
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 39,756.00
    matic-network
    Polygon (MATIC) $ 1.06
    ethereum-classic
    Ethereum Classic (ETC) $ 51.72
    stellar
    Stellar (XLM) $ 0.279995
    theta-token
    Theta Network (THETA) $ 5.91
    vechain
    VeChain (VET) $ 0.086949
    internet-computer
    Internet Computer (ICP) $ 40.85
    dai
    Dai (DAI) $ 1.00
    filecoin
    Filecoin (FIL) $ 55.00
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022153
    okb
    OKB (OKB) $ 18.84
    terra-luna
    Terra (LUNA) $ 12.15
    tron
    TRON (TRX) $ 0.065298
    cdai
    cDAI (CDAI) $ 0.021611
    monero
    Monero (XMR) $ 234.39
    aave
    Aave (AAVE) $ 327.02
    compound-ether
    cETH (CETH) $ 53.33
    eos
    EOS (EOS) $ 4.08
    ftx-token
    FTX Token (FTT) $ 36.37
    cosmos
    Cosmos (ATOM) $ 12.70
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.15
    amp-token
    Amp (AMP) $ 0.068207
    the-graph
    The Graph (GRT) $ 0.673654
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.125721
    neo
    NEO (NEO) $ 44.71
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    leo-token
    LEO Token (LEO) $ 3.08
    bitcoin-sv
    Bitcoin SV (BSV) $ 144.96
    maker
    Maker (MKR) $ 3,016.83
    tezos
    Tezos (XTZ) $ 3.20
    algorand
    Algorand (ALGO) $ 0.829189
    klay-token
    Klaytn (KLAY) $ 1.04
    celsius-degree-token
    Celsius Network (CEL) $ 6.00
    iota
    IOTA (MIOTA) $ 0.912153
    avalanche-2
    Avalanche (AVAX) $ 13.28