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TA: Ethereum Corrects Lower, Why ETH Remains Supported for Fresh Rally

Ethereum was trading higher with a new all-time high above $4,800 before turning lower against the US Dollar. ETH could start a fresh rally unless there is a break below $4,650.

  • Ethereum started a downside correction below the $4,750 and $4,700 levels.
  • The price is now trading above $4,650 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $4,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • If there is no break below $4,650, the pair can start a new rise.

Ethereum Price Eyes Fresh Growth

Ethereum bounced above the $4,650 and $4,700 resistance levels. ETH gained momentum above the $4,750 resistance area and the 100 hourly simple moving average.

The price also climbed above $4,800 and traded to a new all-time high. It is trading higher at $4,839 and it is currently correcting gains. There was a break below the $4,750 support level. There was also a break below a major bullish trend line with support near $4,800 on the hourly chart of ETH/USD.

It even traded with the 23.6% Fib retracement level of the upward move from $4,346 low to $4,839 high. Ether price is now trading above $4,650 and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

An immediate upside resistance is near the $4,720 level. The next major resistance is near the $4,750 level. There is a possibility of a fresh rally above the $4,750 level. The next major resistance is near the $4,800 level. Any further gains could take the price towards the $5,000 level in the near term.

Supported Dips in ETH?

If Ethereum fails to climb above the $4,720 and $4,750 resistance levels, it could extend its downside correction. On the downside, an initial support is near the $4,680 level and the 100 hourly SMA.

The first major support is also near the $4,600 level. It is near the 50% Fib retracement level of the upward move from $4,346 low to $4,839 high. Any further decline could take the price towards the $4,540 support level. The next major support for the bulls is near $4,460.

technical indicators

hourly macd , The MACD for ETH/USD is slowly losing momentum in the bearish zone.

hourly rsi , The RSI for ETH/USD is now below the 50 level.

Key Support Level – $4,650

Key Resistance Level – $4,750

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