Ethereum Rally Extends Above $3,400, Why Dips Remain Attractive “ The Blockchain Decentral

Ethereum prolonged its rally and it traded to a brand new all-time excessive above $3,450 in opposition to the US Greenback. ETH value is correcting positive factors, however it’s prone to stay effectively bid above $3,100.

• Ethereum remained in a powerful uptrend and it broke the $3,400 stage.
• The value is now buying and selling effectively above $3,200 and the 100 hourly easy transferring common.
• There’s a main bullish pattern line forming with assist close to $3,220 on the hourly chart of ETH/USD (information feed through Kraken).
• The pair might right decrease, however the bulls are prone to stay lively close to $3,100 and $3,000.

Ethereum Worth Rallies One other 10%

Ethereum is following a powerful bullish path above the $3,000 resistance. ETH outpaced bitcoin and it surged above the $3,200 stage. There was a ten% rise and the worth broke the $3,400 stage.

It traded to a brand new all-time excessive close to $3,456 and it settled properly above the 100 hourly easy transferring common. The value is now correcting positive factors and it traded beneath the $3,320 stage. There was a break beneath the 50% Fib retracement stage of the latest rally from the $3,088 swing low to $3,456 excessive.

A direct assist on the draw back is close to the $3,250 stage. There’s additionally a serious bullish pattern line forming with assist close to $3,220 on the hourly chart of ETH/USD.

Supply: ETHUSD on TradingView.com

The pattern line is near the 61.8% Fib retracement stage of the latest rally from the $3,088 swing low to $3,456 excessive. The following main assist is close to the $3,080 stage, beneath which the worth would possibly lengthen losses. Within the said case, the worth might revisit the $2,950 assist and the 100 hourly easy transferring common.

Extra Upsides in ETH?

If Ethereum stays secure above the pattern line assist and $3,100, it might proceed to rise. An preliminary resistance on the upside is close to the $3,320 stage.

The primary main resistance is close to the $3,400 stage. A transparent upside break above the $3,400 stage and will open the doorways for a extra upsides above the $3,456 excessive. The following main cease may very well be $3,550 and even $3,620 within the close to time period.

Technical Indicators

Hourly MACD — The MACD for ETH/USD is slowly shedding momentum within the bullish zone.

Hourly RSI — The RSI for ETH/USD remains to be above the 50 stage.

Main Assist Degree — $3,100

Main Resistance Degree — $3,400

Originally published at https://theblockchaindecentral.com on May 4, 2021.