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January 23, 2022
Crypto News

TA: Ethereum Gearing For Another Lift-Off to $3,500: Recovery Isn’t Over Yet

Ethereum began a draw back correction from $3,400 towards the US Dollar. ETH price is holding the $3,250 help and eyes a contemporary enhance above the $3,320 resistance.

  • Ethereum began a draw back correction from the $3,400 resistance zone.
  • The price is buying and selling above $3,250 and the 100 hourly easy shifting common.
  • There was a break under a serious bullish pattern line with help close to $3,300 on the hourly chart of ETH/USD (knowledge feed through Kraken).
  • The pair may begin a contemporary enhance if it stays above the $3,250 help zone.

Ethereum Price Corrects Lower

Ethereum began a powerful enhance above the $3,320 resistance zone. ETH even broke the $3,400 resistance zone and the 100 hourly easy shifting common, however there was no momentum.

A excessive was shaped close to $3,412 and the price is now correcting positive factors. Ether price declined under the $3,320 help. There was a break under the 23.6% Fib retracement stage of the important thing enhance from the $2,931 swing low to $3,412 excessive.

Besides, there was a break under a serious bullish pattern line with help close to $3,300 on the hourly chart of ETH/USD. It is now buying and selling above $3,250 and the 100 hourly easy shifting common.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, a right away resistance is close to the $3,300 stage. The first main resistance is close to the $3,320 stage. A transparent transfer above the $3,320 stage may begin one other enhance within the close to time period. The subsequent main resistance is close to the $3,400 stage, above which ether price may take a look at $3,480. Any extra positive factors 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 $3,320 stage, it may proceed to transfer down. An preliminary help on the draw back is close to the $3,250 stage. The first key help is now forming close to the $3,175 stage.

It is close to the 50% Fib retracement stage of the important thing enhance from the $2,931 swing low to $3,412 excessive. A draw back break under the $3,175 stage may push the price in direction of the $3,115 zone. Any extra losses could lead on the price in direction of $3,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly shedding tempo within the bearish zone.

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

Major Support Level – $3,250

Major Resistance Level – $3,320

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