FXOpen Broker

10+ years’
experience in FX

VISIT WEBSITE

Trading Accounts

ECN, STP,
Micro, Crypto

START TRADING

Free Demo

Practice Forex trading
risk free

OPEN DEMO ACCOUNT

PAMM Technology

Become a Master
or a Follower

JOIN PAMM SERVICE
Results 1 to 1 of 1

Thread: Ethereum Regains Strength, Why $3,200 Is The Key For More Upsides

  1. #1
    Moderator cool user Resolve's Avatar
    Join Date
    Mar 2012
    Location
    India
    Posts
    45,903
    Thanks
    6,308
    Thanked 2,712 Times in 1,576 Posts

    Lightbulb Ethereum Regains Strength, Why $3,200 Is The Key For More Upsides

    Ethereum Regains Strength, Why $3,200 Is The Key For More Upsides

    Ethereum started a steady increase above $3,000 against the US Dollar. ETH price must clear the $3,200 to continue higher in the near term.

    • Ethereum started a strong increase from the $2,750 support zone.
    • The price is now trading above $3,000 and near the 100 hourly simple moving average.
    • There was a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD.
    • The pair must surpass $3,175 and $3,200 to continue higher in the near term.


    Ethereum Price Is Gaining Momentum


    Ethereum found a strong support near $2,750 and started a fresh increase, similar to bitcoin. ETH broke the $2,880 and $2,950 resistance levels to move into a positive zone.

    There was also a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD. The pair settled above the $3,000 zone and near the 100 hourly simple moving average. It gained traction and climbed above the $3,100 level.

    Ether price is now facing resistance near the $3,175 zone. It traded as high as $3,165 and is currently correcting lower. An immediate support sits near the $3,065 level. It is near the 23.6% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high.

    On the upside, an immediate resistance on the upside is near the $3,165 level. The first major resistance is near the $3,175 level. The main breakout zone could be near the $3,200 zone. A close above the $3,200 resistance could push the price further higher. In the stated case, the price could rise towards $3,320.

    Dips Supported in ETH?

    If ethereum fails to continue higher above the $3,165 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,065 level.

    The next major support seems to be forming near the $3,000 level and the 100 hourly simple moving average. Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high at $2,950. If ether fails to stay above $2,950, it could resume its decline in the near term.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now well above the 50 level.

    Major Support Level – $3,065

    Major Resistance Level – $3,175

    Source_newsbtc.com
    Last edited by Resolve; 10-13-2021 at 01:29 PM.

Bookmarks

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Disclaimer
2005-2021 © FXOpen All rights reserved. Various trademarks held by their respective owners.

Risk Warning: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgment as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission.

FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871ABN 61 143 678 719.

FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.

FXOpen EU is a trading name of FXOpen EU Ltd. FXOpen EU Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 194/13.

FXOpen does not provide services for United States residents.

Join us