TA: Ethereum Consolidates Above $2,700, Here Are Chances of Downward Move


Ethereum prolonged its rally and it traded to a brand new all-time excessive close to $2,800 towards the US Dollar. ETH worth is correcting features, however dips are prone to be supported close to $2,650.

  • Ethereum remained effectively bid and it even climbed in direction of the $2,800 degree.
  • The worth is now buying and selling effectively above $2,700 and the 100 hourly easy shifting common.
  • There is a vital rising channel forming with assist close to $2,700 on the hourly chart of ETH/USD (knowledge feed through Kraken).
  • The pair might right decrease, however the bulls are prone to seem close to $2,650 and $2,620.

Ethereum Price Remains In Uptrend

Ethereum remained effectively bid above the $2,650 assist degree, not like bitcoin. ETH prolonged its rise above the $2,750 excessive and it settled properly above the 100 hourly easy shifting common.

It traded to a new all-time high at $2,800 earlier than it began a draw back correction. There was a break under the $2,780 and $2,750 ranges. Ether is now buying and selling under the 23.6% Fib retracement degree of the upward transfer from the $2,560 swing low to $2,800 excessive.

It continues to be buying and selling effectively above $2,700 and the 100 hourly easy shifting common. There can also be an important rising channel forming with assist close to $2,700 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The subsequent key assist is close to the $2,680 degree. It is close to the 50% Fib retracement degree of the upward transfer from the $2,560 swing low to $2,800 excessive. Any extra losses could lead on the worth in direction of the $2,650 assist degree and the 100 hourly easy shifting common.

If ether fails to remain above the $2,650 assist degree and the 100 hourly easy shifting common, it might dive in direction of the $2,580 degree.

Fresh Increase in ETH?

If Ethereum stays secure above the channel assist and $2,650, it might begin a recent enhance. An preliminary resistance on the upside is close to the $2,780 degree.

The first main resistance is close to the $2,800 degree. A transparent upside break above the $2,800 degree and the channel higher pattern line might set the tempo for a pointy enhance in direction of the $3,000 resistance zone within the subsequent few classes.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now dropping momentum within the bullish zone.

Hourly RSIThe RSI for ETH/USD continues to be above the 50 degree.

Major Support Level – $2,700

Major Resistance Level – $2,800



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