TA: Ethereum Holding Key Uptrend Support, Why ETH Could Rally To $1,400

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


Visit the original article*

https://www.newsbtc.com/wp-content/uploads/2021/01/shutterstock_1050861878-460×322.jpg

Ethereum gained pace above the $1,300 level against the US Dollar, but it struggled near $1,375. ETH price is approaching a major support and it is likely to bounce back above $1,350.

  • Ethereum faced a strong selling interest near $1,375 and corrected lower.
  • The price is approaching the $1,300 support zone and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,305 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could test $1,292 before it starts a fresh increase towards $1,350 and $1,375 in the near term.

Ethereum Price is Testing Key Support

After trading as low as $1,207, Ethereum started a fresh increase. ETH price traded above the $1,250 and 1,265 resistance levels to move into a positive zone.

There was also a clear break above the key $1,300 resistance and the 100 hourly simple moving average. The price even cleared a major bearish trend line with resistance near $1,300 on the hourly chart. As a result, there was a push above the $1,350 level, but ether again failed to clear the $1,375 resistance.

A high is formed near $1,376 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recent wave from the $1,207 swing low to $1,376 high.

Source: ETHUSD on TradingView.com

The price is now approaching the $1,300 support zone and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,305 on the hourly chart of ETH/USD. The next major support is near the $1,292 level.

The 50% Fib retracement level of the recent wave from the $1,207 swing low to $1,376 high is at $1,292 to provide support. Any more losses could clear the path for a push towards the $1,250 support zone.

Fresh Increase in ETH?

If Ethereum stays above the $1,292 support zone, it could start a fresh increase. An initial resistance on the upside is near the $1,325 level. The first major resistance is near the $1,350 level.

The main resistance is still near the $1,375 level, above which ether price could test $1,400. Any more gains could open the doors for a run towards the $1,500 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently just below the 50 level.

Major Support Level – $1,292

Major Resistance Level – $1,375

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close