Ethereum dips become attractive as the price of the coin accelerated above $ 3250 and the bulls are now targeting the $ 3500 price range as we can see on today’s Ethereum price news.
ETH price corrects gains of $ 3400, but the drops could be limited in the short term. Ethereum started a fresh spike above the USD 3250 resistance zone and the price is trading near USD 3250 and the 100-hour simple moving average. A large bullish trendline is forming near the $ 3,300 support on the pair’s hourly charts. The pair could continue to rise if there is a significant break above the USD 3380 resistance zone.
Source ETHUSD on TradingView.com
The Ethereum dips are apparently becoming attractive as ETH started a fresh surge above the USD 3250 resistance zone and ETH even broke the USD 3300 resistance zone and the simple 100 hour moving average to break into the positive zone. The bulls pumped the price above $ 3,350 and ETH rose above $ 3,400, with a new weekly high forming near $ 34,132. it is now correcting gains and trading below $ 3360 with a break below the 23.6% fib retracement level from the move up from the low of $ 3206 to the high of $ 3412.
The price of the coin is now trading above $ 3,250 and the 100-hour simple moving average, but a major bullish trendline is also forming with the $ 3,300 support on the pair’s hourly charts. On the flip side, immediate resistance is near the $ 3380 level, with any significant move above it will usher in further spike in the near future. The next major resistance is near the $ 3,420 level above which ETH price could test the $ 3,500 level. Further gains could push the price to the $ 3,550 level in the short term.
ETH 24-hour price chart (source: coingecko)
Unless Ethereum starts a new surge above the $ 3800 mark, it could start a new downward correction. The initial downside support is near the $ 3320 level and the first major support is now forming near the $ 3300 level. It is also near the 50% Fib retracement level of the move up from the low of $ 3206 to the high of $ 3412. The break below $ 3300 will push price below trendline support and further losses could push it down. The hourly MACD for the pair is losing pace in the upside. The hourly RSI for the pair is above 50 levels and the main support is at $ 3300 and the main resistance is at $ 3380.
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