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    Home»Altcoin»Ethereum (ETH) Price Analysis: Could Follow Bitcoin, What Are The Key Levels?
    Altcoin

    Ethereum (ETH) Price Analysis: Could Follow Bitcoin, What Are The Key Levels?

    cryptossorBy cryptossorKasım 6, 2021Yorum yapılmamış3 Mins Read
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    Ethereum was also affected by the positive mood that came with the opening of the Bitcoin ETF. Having started a fresh rally above $3.820, ETH needs to surpass the $3,900 and $3,950 resistance levels to continue rising, according to technical analysis by NewsBTC’s Aayush Jindal:

    • Ethereum started a fresh increase above the $3,800 and $3,820 resistance levels.
    • Price is currently trading above $3,800 and the 100 hourly simple moving average.
    • There was a break above a key contracting triangle forming with resistance near $3,820, on the hourly chart of ETH/USD (data from Kraken).

    • The pair could start a new rally if it surpasses the $3,900 key resistance zone.

    Ethereum Targets More Upside

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    Leading altcoin Ethereum also took advantage of the positive mood Bitcoin brought with the ETF and started a fresh increase above the $3,750 resistance zone. ETH gained momentum after it broke the $3,800 resistance zone and the 100 hourly simple moving average. There was also a break above a key contracting triangle formation with resistance near $3,820, on the hourly chart of ETH/USD. The pair climbed above $3,880 but failed to continue above $3,920. A local top was formed around $3,900 and it is now consolidating gains. It is now trading above $3,800 and the 100 hourly simple moving average.

    According to Jindal, an immediate resistance on the upside is near the $3,880 level. The next major resistance is near the $3,900 level, where the price could start a fresh rally. The next key resistance is near the $3,920 level. Any further gains could increase the chances of a move above the $4,000 level. In the stated case, the price could rally to the $4.120 level.

    Will Ethereum Drop?

    According to Jindal, if Ethereum fails to continue higher above the $3,880 and $3,900 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,820 level. This is the 50% Fib retracement level of the $3,742 high to $3,900 high near the $3,820 level. Further declines could lead the price towards the $3,780 support and the 100 hourly SMA. The next key support is near $3,750.

    What Do Technical Indicators Say?

    • Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
    • Hourly RSI – The RSI for ETH/USD is now above the 50 level.
    • Main Support Level – $3,820
    • Main Resistance Level – $3,900
    Close Dollar Hourly Over Resistance
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    Previous ArticleBitcoin (BTC) Price Analysis: Breaks Key Resistance, Will Rising Continue?
    Next Article Billionaire Peter Thiel Says Bitcoin (BTC) Over $60,000 Shows “Light of Hope”
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