Ethereum
$4,012.49 -6.12%
ETH · 1w

TA: Ethereum Follows Bitcoin, Why ETH Could Surge Towards $4K

Ethereum started a fresh increase from the $3,400 support zone against the US Dollar. ETH price could accelerate higher once there is a clear break above $3,650.

Ethereum started a fresh increase above the $3,500 and $3,550 resistance levels. The price is now trading above $3,550 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,500 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 $3,650 and $3,660. Ethereum Price Gains Pace

Ethereum remained well supported above the $3,400 zone. ETH started a fresh increase above the $3,500 resistance zone and the 100 hourly simple moving average, similar to bitcoin.

There was also a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD. The pair is now trading above the $3,550 resistance zone. Ether price even surpassed the $3,600 resistance zone.

A high is formed near $3,656 and the price is now consolidating gains. It is well above the 23.6% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. The price is now showing positive signs above the $3,630. An immediate resistance on the upside is near the $3,650 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,660 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,750 level. Any more gains could set the pace for a move towards the $4,000 level in the near term.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,650 and $3,660 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,600 level.

The first key support is now forming near the $3,550 level. It is near the 50% Fib retracement level of the recent upward move from the $3,413 swing low to $3,65...

Continue on newsbtc.com
Recent news
ETH -6.12% · bybt.com · 10h

$978,914M liquidated in 24h

The Liquidations counts the real-time Liquidations of all exchanges and currencies. The liquidation history of all exchanges can be viewed through the historical Liquidations. The liquidation list sh...