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January 20, 2022
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Ethereum Dips Turn Attractive, Bulls Could Aim $3,500

Ethereum gained tempo above the $3,250 zone towards the US Dollar. ETH price is correcting features from $3,400, however dips could be restricted within the close to time period.

  • Ethereum began a robust enhance above the $3,250 resistance zone.
  • The price is buying and selling above $3,250 and the 100 hourly easy shifting common.
  • There is a serious bullish pattern line forming with assist close to $3,300 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
  • The pair may proceed to rise if there’s a clear break above the $3,380 resistance zone.

Ethereum Price Gains Momentum

Ethereum began a robust enhance above the $3,250 resistance zone. ETH even broke the $3,300 resistance zone and the 100 hourly easy shifting common to maneuver additional right into a optimistic zone.

The bulls even pumped the price above the $3,350 stage. Ether price spiked above the $3,400 stage and a brand new weekly excessive is shaped close to $3,412. It is now correcting features and buying and selling under $3,360. There was a break under the 23.6% Fib retracement stage of the current upward transfer from the $3,206 swing low to $3,412 excessive.

Ether price is now buying and selling above $3,250 and the 100 hourly easy shifting common. There can be a serious bullish pattern line forming with assist close to $3,300 on the hourly chart of ETH/USD. On the upside, an instantaneous resistance is close to the $3,380 stage.

Ethereum Price

Source: ETHUSD on TradingView.com

A transparent transfer above the $3,380 stage may begin one other enhance within the close to time period. The subsequent main resistance is close to the $3,420 stage, above which ether price may check $3,500. Any extra features may ship the price in direction of the $3,550 stage within the close to time period.

Dips Limited in ETH?

If ethereum fails to begin a contemporary enhance above the $3,380 stage, it may begin a draw back correction. An preliminary assist on the draw back is close to the $3,320 stage. The first key assist is now forming close to the $3,300 stage.

It is close to the 50% Fib retracement stage of the current upward transfer from the $3,206 swing low to $3,412 excessive. A draw back break under the $3,300 stage push the price in direction of the pattern line assist. Any extra losses could lead on the price in direction of $3,200.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly dropping tempo within the bullish zone.

Hourly RSIThe RSI for ETH/USD is above the 50 stage.

Major Support Level – $3,300

Major Resistance Level – $3,380

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