TA: Ethereum Corrects Gains, Heres What Could Trigger Fresh Rally

By Aayush Jindal8 days ago

Ethereum extended its rally and it traded to a new all-time high above $3,520 against the US Dollar. ETH price is correcting gains, but it is likely to start a fresh rally above $3,400.

  • Ethereum extended its rally above $3,500 and it traded to a new all-time high near $3,525.
  • The price is now trading well above $3,200 and the 100 hourly simple moving average.
  • There is a crucial breakout pattern forming with support near $3,260 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either rally again above $3,400 or it might dive to test the $3,000 support.

Ethereum Price Signaling Fresh Rally

Ethereum remained in a strong uptrend above the $3,200 level. ETH outpaced bitcoin and it climbed above the $3,450 resistance zone to move further into a positive zone.

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It traded to a new all-time high near $3,528 and it settled nicely above the 100 hourly simple moving average. Ether price is now correcting gains and it traded below the $3,400 support. There was also a spike below the $3,250 level, but the bulls defended the $3,200 support.

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A low is formed near $3,211 and the price is now consolidating. It recovered above the $3,300 and $3,350 levels. There was a break above the 50% Fib retracement level of the recent decline from the $3,437 high to $3,211 low.

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