Ethereum continued its rally and traded above its all-time high of $ 3,520 against the US Dollar.
ETH price corrects its gains but is likely to start a new rally above $ 3,400. According to the technical analysis of NewsBTC’s Aayush Jindal:
It pushed the Ethereum rally above $ 3,500 and reached an all-time high near $ 3,525.
The price is currently trading well above $ 3,200 and the 100 hourly simple moving average.
There is a very important breakout pattern formed with support near $ 3,260 on the hourly chart of ETH / USD (data from Kraken)
The pair could again rise above $ 3,400 or test the $ 3,000 support.
Ethereum (ETH) Price Gives New Rally Signals
Ethereum remained in a strong uptrend above the $ 3,200 level. ETH surpassed Bitcoin and climbed above the $ 3,450 resistance zone to move into a positive zone.
ETH traded near its all-time high of $ 3,528 and settled nicely above the 100 hourly simple moving average. Ethereum price is currently correcting its gains. ETH also fell below the $ 3,250 level but the bulls defended the $ 3,200 support.
The price dropped as low as around $ 3,211 and is now consolidating. ETH recovered above the $ 3,300 and $ 3,350 levels. There was a break above the 50% Fib retracement level of the last drop from $ 3,437 to $ 3,211.
However, the price is struggling to move above $ 3,380. It failed to clear the 76.4% Fib retracement level of the last drop from $ 3,437 to $ 3,211. There is a very important breakout formation with support near $ 3,260 on the hourly chart of ETH / USD.
A successful break above the formation resistance and $ 3,380 could start a new rally.
Will Ethereum (ETH) Fall More?
If Ethereum cannot move above $ 3,380, it could fall further. An instant support on the downside is near the $ 3,260 level and the pattern’s lower trend line.
If there is a bearish break below the pattern trend line, the price could even trade below $ 3,200. In the situation stated, ETH price could possibly drop towards the $ 3,000 support.
Hourly MACD – The MACD for ETH / USD is slowly losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is just below the 50 level.
Major Support Level: $ 3,260
Major Resistance Level: $ 3,380