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TA: Ethereum Climbs to $2,800, Why Dips Could Be Attractive

Started by Bitcoin, Mar 17, 2022, 04:54 pm

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TA: Ethereum Climbs to $2,800, Why Dips Could Be Attractive

Ethereum rallied above $2,700 against the US Dollar. ETH price is now consolidating near $2,800 and might start a short-term downside correction.



  • Ethereum started a fresh increase above the $2,700 resistance level.

  • The price is now trading above $2,700 and the 100 hourly simple moving average.

  • There is a key bullish trend line forming with support near $2,720 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair is consolidating above $2,750 and might correct lower in the near term.


Ethereum Price Extend Gains

Ethereum remained well bid above the $2,600 support zone. A low was formed near $2,590, and ETH started a fresh increase above the key $2,650 and $2,680 resistance levels. The price even cleared the $2,700 level.


Finally, there was a move above the $2,750 level and a close above the 100 hourly simple moving average. A high is formed near $2,791 and the price is now consolidating gains. It is trading nicely above the 23.6% Fib retracement level of the upward move from the $2,634 swing low to $2,791 high.


There is also a key bullish trend line forming with support near $2,720 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $2,780 level. The first major resistance is near the $2,800 level.



Source: ETHUSD on TradingView.com

Ether price must clear the $2,780 and $2,800 resistance levels to start another increase. In the stated case, the price may perhaps rise towards the $2,880 level. Any more gains might call for a move towards the main $3,000 resistance zone in the near term.


Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $2,800 level, it could start a short-term downside correction. An initial support on the downside is near the $2,750 level.


The next major support is near the $2,720 level and the trend line. The main support is now near the $2,700 level. It is near the 50% Fib retracement level of the upward move from the $2,634 swing low to $2,791 high. A downside break below the $2,700 support zone might start a fresh decline towards the $2,600 level.


Technical Indicators


Hourly MACD - The MACD for ETH/USD is now losing pace in the bullish zone.


Hourly RSI – The RSI for ETH/USD is still above the 50 level.


Major Support Level - $2,600


Major Resistance Level - $2,700


Source: TA: Ethereum Climbs to $2,800, Why Dips Could Be Attractive