REDATOR Ben Graham Posted January 16 REDATOR Report Share Posted January 16 Ethereum price started a major increase above the $3,350 resistance. ETH is now consolidating gains and holding the key support at $3,280. Ethereum started a downside correction after a major rally to $3,400. The price is trading above $3,280 and the 100-hourly Simple Moving Average. There is a bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $3,280 zone. Ethereum Price Hits Support Ethereum price remained stable above $3,300 and started a fresh increase, like Bitcoin. ETH price rallied above the $3,320 and $3,350 resistance levels. A high was formed at $3,402, and the price recently started a downside correction. There was a move below $3,320. The price dipped below the 23.6% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high. Ethereum price is now trading above $3,280 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD. If the bulls can protect more losses below $3,280, the price could attempt another increase. Immediate resistance is seen near the $3,320 level. The first key resistance is near the $3,350 level. The next major resistance is near the $3,385 level. A clear move above the $3,385 resistance might send the price toward the $3,450 resistance. An upside break above the $3,450 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,500 resistance zone or even $3,550 in the near term. Downside Break In ETH? If Ethereum fails to clear the $3,320 resistance, it could start a fresh decline. Initial support on the downside is near the $3,280 level and the trend line. The first major support sits near the $3,260 zone and the 100 hourly SMA. A clear move below the $3,260 support might push the price toward the $3,220 support and the 50% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high. Any more losses might send the price toward the $3,150 region. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,280 Major Resistance Level – $3,385 Visitante_6fd86532 1 1 Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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